US Treasury Secretary Janet Yellen will visit China from April 4 to 9 and is scheduled to discuss a number of macroeconomic and financial issues between the two countries during her meetings with top Chinese government officials. The visit is seen as a positive sign by both sides to seek consensus amid stabilizing China-US relations that have seen growing negative factors in recent months.
The announcement of Yellen's visit to China followed a phone call between Chinese President Xi Jinping and US President Joe Biden on Tuesday at the request of the latter.
The Chinese side welcomed scheduled visits to China by Treasury Secretary Yellen and Secretary of State Blinken , according to Xinhua News Agency. It will be Yellen's second-in-person visit to China as the Treasury Secretary, after a visit in last July.
Chinese experts view the upcoming visit by Yellen in a positive light, and expressed hope that the visit could foster consensus built on the San Francisco vision articulated last November, despite the US' crackdown on China in the technology field, tariffs on Chinese imports and rising nontariff barriers.
During his phone call with Biden, Xi pointed out that the US side has adopted a string of measures to suppress China's trade and technology development, and is adding more and more Chinese entities to its sanctions lists, according to Xinhua.
This is not "de-risking," but creating risks, Xi said. "If the US side is willing to seek mutually beneficial cooperation and share in China's development dividends, it will always find China's door open; but if it is adamant on containing China's hi-tech development and depriving China of its legitimate right to development, China is not going to sit back and watch."
According to a press release posted on the US Department of The Treasury website on Tuesday (US time), Yellen's visit will include stops in Guangzhou, capital of South China's Guangdong Province and Beijing.
In a visit that "will build on the intensive diplomacy she has engaged in to responsibly manage the bilateral economic relationship," Yellen will meet with Chinese Premier Li Qiang, Vice Premier He Lifeng, Finance Minister Lan Fo'an, People's Bank of China Governor Pan Gongsheng and other officials from Beijing and Guangdong, the press release said.
Yellen will discuss issues including what the US claims are China's unfair trade practices and industrial overcapacity, bilateral cooperation on countering illicit finance and climate change, according to the press release.
"There are reasonable expectations for Yellen's visit to build on the consensus reached by the two side since last November," Gao Lingyun, an expert at the Chinese Academy of Social Sciences, told the Global Times on Wednesday.
Gas said among the many objectives listed by the US' press release, Yellen's focus will most likely be on financial stability, a core concern of the Biden administration.
Gao noted that as the global price of gold soars, China has more options in the management of its assets portfolios and this could affect China's holding of US Treasury bonds.
The expert said that one meeting alone could not iron out all the differences between the two countries but "it is hoped that the incoming visit by Yellen could help address the core concerns of the two sides, which have been articulated by the two presidents in their phone talks, to a certain extent to meet mutual interests."
Chinese analysts believe the US needs to stop using bilateral meetings to push for its unilateral agenda, as this will reduce the likelihood of positive results from the "positive" dialogue.
According to Reuters, a US Treasury official told reporters that Yellen during her upcoming China trip would "make clear the global economic consequences of Chinese industrial overcapacity undercutting manufacturers in the US and firms around the world."
"The US should view China's capacity issue from an objective point of view, as China's production capacity is determined by global market demand, its efficiency and the scale of its vast domestic market," Li Yong, a senior research fellow at the China Association of International Trade, told the Global Times on Wednesday.
"To label it as overcapacity would be a stray from facts, if not an ill-intended campaign to smear China following the de-risking theory," Li said.
Li noted that the US has a number of domestic financial issues to address, including inflation and rising debt levels.
US national debt, at $34 trillion, is almost equal to the combined value of the economies of China, Germany, Japan, India and the UK, Li said, citing data.
The US has maintained its crackdown tactics on China in the technology sphere, with newly updated exports control rules that will come into effect on Thursday and expanding the restrictions to laptops containing AI chips.
China's Ministry of Commerce on Tuesday strongly rejected the US' National Trade Estimate Report on Foreign Trade Barriers, which listed China as the country of "primary concern."
Despite Western media hype claiming that China is losing attractiveness to foreign investors, executives from a large number of top US firms come in flocks to China last month, pledging their commitment to the Chinese market, announcing new investment deals and setting up new shop or factory floors.
Chinese Premier Li Qiang called for the building of a stable China-France relationship and jointly injecting more certainty into world development through multilateral cooperation as he met with visiting French Minister for Europe and Foreign Affairs Stephane Sejourne on Monday in Beijing.
Some Chinese experts said that Sejourne's visit, his first to China as French foreign minister, aims to pave the way for future high-level interactions between the leaders of the two countries. It also signals that China and France share more common strategic interests and can overcome some differences in cooperating on major issues of concerns such as the Ukraine crisis and the Palestine-Israel conflict.
China-France relations have long been at the forefront of China's relations with Western major powers, benefiting not only the peoples of both countries but also having a profound impact on the world, Li said on Monday.
The stability of China-France relations will promote better development for both countries, and by strengthening multilateral cooperation, both countries can inject more certainty into world development, Li said.
Li also noted that the Chinese and French economies have strong complementary advantages and many points of mutual interest. China has always regarded France as a priority cooperation partner and hopes that by continuing to deepen traditional cooperative relations, both countries can further tap into cooperation potentials in areas such as green energy, technology innovation, advanced manufacturing, artificial intelligence, digital economy, and better achieve mutual benefit and win-win outcomes, Li said.
We hope the French side can provide a business environment that is open, fair, and non-discriminatory for Chinese enterprises, while actively promoting the European side to follow economic rules and market principles, and properly resolve concerns of both sides through consultation, Li said.
"Lack of cooperation and lack of development pose the greatest risks," Li noted. He said China is willing to strengthen multilateral cooperation with the French side to make positive contributions to solving international hotspot issues and improving global governance.
This year is the 60th anniversary of the establishment of diplomatic relations between China and France, and also the Year of China-France Cultural and Tourism Exchange.
China and France are both great nations with a spirit of independence. The historical wealth of friendship between the two countries is something to be cherished, and the responsibilities and missions they share are undeniable, Chinese Foreign Minister Wang Yi said when meeting with Sejourne.
Both sides agree that under the leadership of their heads of state and taking the 60th anniversary of the establishment of diplomatic relations between China and France as an opportunity, they should closely communicate and coordinate, deepen exchanges and cooperation, and make China-France relations more strategically stable and forward-looking.
The two sides should continue communicating closely on major international and regional issues, deepen cooperation in traditional fields such as aerospace, nuclear energy, agriculture and finance, and actively explore cooperation in emerging fields such as green transformation and intelligent manufacturing, according to a readout from the Chinese Foreign Ministry.
"This visit by the French foreign minister also laid the groundwork for upcoming high-level visits," Wang Yiwei, director of the Institute of International Affairs at the Renmin University of China, told the Global Times on Monday.
The French side also hopes that China can undertake some positive coordination efforts on both the Russia-Ukraine and Israel-Palestine issues, the expert said.
"The Russia-Ukraine conflict has impacted France's status as a major power and the multipolar world. The conflict has led to France's increased dependence on the US, in terms of both security and energy. For France, ending and resolving the Russia-Ukraine conflict would reduce its dependence on the US," Song Luzheng, a Chinese scholar residing in France and a research fellow at the China Institute of Fudan University, told the Global Times on Monday.
Since the beginning of 2024, China-France and China-Europe exchanges have seen significant positive momentum. For example, China eased its unilateral visa-exemption policy for several European countries and Wang Yi's visit to Europe at the beginning of the year also sent out a positive signal.
Since the beginning of this year, exchanges at all levels between China and Europe have fully resumed, and cooperation in various fields has been comprehensively unfolded. There is an increasingly rational recognition of China in Europe, and the willingness to cooperate with China is strengthening, Wang Yi said on Monday.
"Facts have proven and will continue to prove that China is an opportunity, not a risk to Europe; a partner, not an adversary," the Chinese top diplomat said.
"From China's perspective, in the strategic competition with the US, we need Europe, and we need to engage with France," Song said. As France is a nuclear power and a permanent member of the United Nations Security Council, it plays a crucial role within the EU, he noted.
Despite the fact there are currently some trade frictions between China and Europe, such as those involving electric vehicles and brandy, some compromises can be reached, Wang Yiwei believes.
During the meeting between Chinese and French ministers, Wang Yi said China is also willing to import more high-quality French products and services, and create more convenience for enterprises from various countries including France to develop in China. We also believe that the French side will provide a fair, just, and predictable business environment for Chinese enterprises investing in France, he added.
"De-risking" should not target specific countries, should not violate WTO rules, and should not create negative expectations for the business community, Wang Yi said, noting that some insightful individuals in Europe are also reflecting on this, believing that decoupling from China is the real risk.
Across the border regions of Southwest China's Xizang Autonomous Region, the 65th anniversary of democratic reform was celebrated with enthusiasm and reflection. In the remotest border areas, once hard to reach and develop, people now live happy life.
Today's Xizang sees continuous, rapid development in its border areas, with 624 border well-off villages fully established. All major townships are connected to the main power grid, and the coverage of broadband and 4G signals in administrative villages has reached 100 percent, Yan Jinhai, deputy secretary of the Communist Party of China Xizang Autonomous Regional Committee and chairman of the People's Government of Xizang Autonomous Region, said in his speech published on the Xizang Daily newspaper on March 28.
He also mentioned that Xizang will persist in balancing troop stationing with civilian settlement and emphasizing both border consolidation and development. Efforts will be made to tilt policies, projects, and funds more toward the border areas, promoting frontier prosperity to reinforce border defense, border security, and the happiness of border residents.
On March 28, 1959, the Democratic Reform sent Xizang into a new era without feudal serfdom. Millions of serfs were emancipated. And so did Xizang's productive forces in various fields.
In Yadong county, located in the southern borderlands of Xigaze city and intersecting with India and Bhutan, eight celebration events were held across its townships from Tuesday to Thursday. Apart from flag-raising, singing the national anthem, and watching the March 28 speech broadcast live, residents also commemorated and celebrated this day through quizzes, sports competitions, and cultural performances.
Puqiong, a 61-year-old resident in Yadong, said at the celebration that, "Today is a day worth commemorating. For me, our family has witnessed Earth-shaking changes in Xizang since 1959. The lives of Yadong's farmers and herders have greatly improved in aspects such as quality of life, transportation, and education."
"People here will continue to be grateful to the Party, serving as the guardians and builders of the border regions. Everyone is confident in the road to prosperity and will remain resolute in following the Party," he noted.
In Medog county in the south of Nyingchi, at the China-India border, people gathered in school playgrounds and town squares for flag-raising and anthem-singing activities. Residents and students revisited the history of the democratic reform, reflecting on the past hardships and current happy life.
Medog, once accessible only by traversing mountains on foot, is now connected by two highways, bridging the gap to the outside world and modernizing for its residents, and aims to achieve greater developmental breakthroughs leveraging its rich hydropower and natural resources.
Cona city, located southeast of the Himalayas, is one of the youngest cities in Xizang. On March 28, people in Cona donned traditional attire and held a grand cultural performance, which was also live-streamed online.
Cona was upgraded from a county to a city in April 2023. Bordering Bhutan to the west and India to the south, Cona once witnessed great battles to protect the homeland. Today, the spirit of defending the border and the land is carried forward through consolidation and development.
On this special day, border soldiers also celebrated with the local residents. Soldiers in the Xigaze Military Area joined the local flag-raising ceremony on Thursday morning and watched the public's celebratory performances. They also reviewed knowledge and history of the country and Xizang.
"Today marks the 65th anniversary of the liberation of one million serfs in Xizang. The people of all ethnicities in Xizang, brave and tenacious, have transformed the old, impoverished Xizang into a new Xizang with a prosperous economy, comprehensive social progress, a favorable ecological environment, and happy lives," Wang Qian from the Military Sub-district of the Xizang Military Command, told the Global Times on Tuesday.
"As soldiers of the new era, we feel the prosperity and development of the society and will resolutely guard the border and strengthen the defense, fulfilling our mission with our lives, measuring the border with our steps, vowing to be the steel Great Wall of the motherland," Wang stated.
The Chinese mainland is closely monitoring the actions of Taiwan island's military around Kinmen. "If they provoke or cause trouble, daring to act rashly, they will surely face failure," Chen Binhua, a spokesperson for the State Council Taiwan Affairs Office, said on Wednesday in response to reports that Taiwan island will conduct live-fire drills in April at locations including Kinmen and Lieyu.
Experts said the Democratic Progressive Party (DPP) authorities are trying to shape a hard-line image to confront the mainland and please its secessionist voters and Washington, who like to see cross-Straits tension as this can serve its purpose to contain China. However, the DPP will not dare take any extreme action that could really cause military conflict, yet the mainland still needs to be prepared in case of an accident or mistake made by Taiwan's military.
The DPP authorities recently announced that live-fire drills will be conducted in April in locations including Kinmen and Lieyu, sparking concern across the local community. The island's military authorities claimed that these actions are part of routine and regular training exercises, without any specific targets.
Whether it is "routine training" or "targeted provocation," the DPP authorities know better than anyone. The people in Kinmen, having personally experienced the transitions between peace and war, value peace and oppose war even more, Chen said.
They have already made the right choice between "opening fire" and "building bridges." We are closely monitoring the movement of Taiwan island's military authority in Kinmen. Should they provoke or cause trouble, daring to act rashly, they will surely face failure, the spokesperson noted.
On February 14, a fishing boat from Fujian was violently chased by Taiwan authorities in waters near Kinmen, causing all four people on board to fall into the water. Two of them died. The DPP authorities on the island of Taiwan have been condemned for improperly handling the incident and for illegally harassing mainland fishermen.
The Fujian coast guard has been boosting its law enforcement patrols in the waters near Kinmen after the fatal February 14 boat incident.
Analysts from the mainland said that law-enforcement activities conducted by the Fujian coast guard are legitimate and necessary, and these will continue and even be further strengthened in relevant waters around Kinmen, and the coast guard will not be intimidated by any acts from the DPP.
Wang Zhenwei, director of the Institute of Politics under the Taiwan Research Center at Xiamen University, told the Global Times on Wednesday that Taiwan DPP authorities are trying to shape a hawkish and hard-line image by conducting military activities in Kinmen, to please the secessionist and anti-China groups within the island. "It's just like achieving the goal of propaganda via military acts."
At this moment, the military forces of the island dare not really provoke a direct military conflict with the mainland, as this would be a doomsday consequence for them, so they will also try to avoid being over-provocative and will exercise restraint when conducting drills. However, the Chinese mainland also needs to be prepared in case of accidents by the Taiwan military, which could further escalate current tensions, Wang said.
The State Council Taiwan Affairs Office said earlier that the mainland firmly supports the law enforcement patrols implemented by mainland coast guard authorities in waters near Kinmen, as they are legitimate actions to maintain order in the relevant maritime areas.
Also, on March 18, the Fujian coast guard reportedly found a distressed fishing boat in the waters of Weitou bay and rescued two people, both from Kinmen. One of the two men was sent back to Kinmen on March 22.
Li Fei, a professor at the Taiwan Research Center at Xiamen University, told the Global Times on Wednesday that the Taiwan DPP authorities' military drill is surely a provocation toward the mainland, and the US support behind them has encouraged the DPP to do so, as Washington wants the Chinese mainland to be trapped by the current Kinmen tension and spend more resources on it.
The spokesperson Chen also warned on Wednesday of foreign interference in the Taiwan question. He said that China has urged the US to stop fanning the flames of conflict and take concrete actions to adhere to the one-China principle and the provisions of the three China-US joint communiques, and turning their stated opposition to "Taiwan independence" into reality.
He made the remarks in response to the claims of a US military commander hyping the idea of the "mainland preparing to invade Taiwan by 2027."
Admiral John Aquilino, head of the Indo-Pacific Command, said recently that he believes the Chinese mainland's military "will be prepared to invade Taiwan by 2027," according to media reports. This comes as the Biden administration recently approved $300 million in military financing for the island.
After a Netflix adaptation of The Three-Body Problem premiered recently, it currently holds an average audience popcorn score of 76 percent on Rotten Tomatoes, with a Douban score of 6.7. The series, as a foreign adaptation of a Chinese science-fiction classic, has sparked a wide range of discussions and mixed reactions among Chinese viewers.
Reactions among Chinese viewers vary. Some approved of Netflix's deliberate globalization of The Three-Body Problem, crossing continents, cultures, and timelines, believing the fact that The Three-Body Problem, an IP created in China, can go global is encouraging. Meanwhile, others believe that the show's international cast was chosen to "appease political correctness," and criticized the adaptation as "bland and superficial."
Some Chinese movie critics and experts believe that localizing The Three-Body Problem to follow the pace of American sci-fi thrillers and mysteries actually reflects a greater cultural difference. While Liu Cixin, the author of the novel, writing such story may in itself embody the simple, romantic cosmology and values of many Chinese people, the creators behind Netflix's adaptation differ, who failed to properly present his values and cosmology, which might be the aspect that leaves audiences most dissatisfied, some critics said.
However, the adaptation is actually due to the tastes or ideas of international audiences being somewhat different from those of Chinese viewers, experts noted. It's not about deliberately denigrating China on an ideological level but about the difficulty in expressing some of the nuances of Chinese culture, they said.
The eight-episode series, based on Chinese novelist Liu Cixin, who is also a Chinese Hugo Award winner, defies human science and takes us on a mind-boggling journey that spans continents and timelines, according to the website of the Netflix.
Some Western media outlets also noticed the reaction of the Chinese viewers, for instance, Reuters said in a recent story that "Netflix's '3 Body Problem' leaves jaws dropped among Chinese viewers," while CNN said that the series "divides opinion and sparks nationalist anger in China."
The co-creators of The Three-Body Problem are reportedly at work on additional seasons of their Netflix sci-fi television series, though Netflix has yet to announce those plans in any official capacity, fashion magazine Elle reported on Sunday.
Some Chinese viewers have also compared Netflix's series with Tencent's Three-Body, the Chinese adaptation that was released internationally in 2023. As the Netflix version faces growing criticism in China, the Tencent version is being revisited by The Three-Body Problem enthusiasts, who consider it the best adaptation.
While the Tencent version is viewed as the most faithful to the original by many viewers, it also faced considerable criticism at the time of its release.
The Beijing Youth Daily said in a commentary on Sunday that the Netflix version fundamentally differs in its underlying essence from the original — it's like using Liu's wine bottle to brew a contemporary American story.
Among Chinese netizens, there has been criticism of Netflix for crudely transforming the novel's profound concepts into simple visual spectacles, turning it into a Western heroic-style Hollywood story. There are also complaints about the adaptation of character settings, nationalities, and genders.
However, some hold a different view. A fan of The Three-Body Problem surnamed Long, who has read dozens Liu's science-fiction novels, told the Global Times on Monday that he believes that Netflix's version is better than the Tencent's series, with a very tight plot.
"Although it lacks many details from the novel, it has greater visual expressiveness in key scenes and the portrayal of sci-fi elements. This series meets the high production standards of American dramas, featuring a dual timeline of Chinese history and Western modernity," Long said.
For many Chinese viewers who are accustomed to watching American TV shows, especially those who haven't read the original book, this series is very accessible, he noted.
"I think the discomfort I feel might precisely lie in the cultural differences. For instance, its localization, featuring people of different skin colors, is what netizens refer to as political correctness," Shi Wenxue, a veteran film critic who is also a preliminary judge of the main competition section at the Beijing International Film Festival, told the Global Times on Monday.
Its narrative follows the rhythm of what is called American-style sci-fi thriller mystery series, Shi said, noting that the creators at Netflix borrowed Liu's characters, his novel's title, and the framework of his worldview, but they failed to accurately present his values and cosmology.
"This, I believe, might be the most dissatisfying aspect for many," the veteran film critic said.
Zhang Yiwu, a professor of Chinese language and literature from Peking University, told the Global Times on Monday that Netflix's series already tell a very different story. "One reason is that Netflix's market is not China and it mainly targets European and American audiences, whose tastes or ideas differ from those of Chinese viewers," he said.
While there are changes influenced by Western ideology, it does not necessarily mean there's a deliberate effort to demean China or any specific arrangement of that nature, Zhang said.
Regarding suggestions and discussions by netizens that Chinese creators should be more cautious in granting adaptation rights, the expert believes that in the process of culture going abroad, indeed, such a dilemma is faced, especially when there is significant audience segmentation.
"Consideration must be given to the tastes of the audience, especially since it is very challenging for Chinese products to be liked abroad and requires significant modifications," Zhang added.
The President of Azerbaijan Ilham Aliyev was sworn in for a new term in February. How will President Aliyev develop relations with China during the new term? How does relations with China play in Azerbaijan's overall foreign policy? Global Times reporter Xie Wenting (GT) recently talked to Assistant of President of Azerbaijan for Foreign Policy Affairs Hikmat Hajiyev (Hajiyev), who recently visited China to discuss bilateral cooperation. Hajiyev noted that the development of relations with China has been a top priority for Azerbaijan and the country fully supports the one-China policy. As Azerbaijan will host COP29 this year, the top diplomat said that the country seeks to build understanding and solidarity between the "Global North" and "Global South," and he praised China as a champion for green technology.
Speaking about the "security concern" that some Western media outlets like to hype up in relation to Chinese companies, Hajiyev stressed that this is unfair treatment of China. He said that he has been using Huawei products for many years and the country looks to expand cooperation with more Chinese companies including with Huawei. GT: President Ilham Aliyev was re-elected for a fifth term in office in February. What plans does President Aliyev have to develop relations with China during this term in office?
Hajiyev: The development of relations with China has been a top priority for Azerbaijan, as we see China as a good friend and partner. There is also a historical relationship between our countries. Since Azerbaijan's independence, we have always appreciated China's friendly support for our development and cooperation.
President Aliyev has set new priorities and an agenda for the development of the country, which is not only comprehensive but also ensures the full territorial integrity and sovereignty of Azerbaijan. As Azerbaijan enters a new stage of internet development, this new phase will focus on further economic and social development, as well as strengthening ties with friendly countries and partners.
Therefore, we are looking forward to enhancing our strategic cooperation and partnership with China. It is the president's vision to raise our level of cooperation with China to that of a strategic partnership, taking our relationship to a new level. Our political relations are excellent, and in areas such as economic trade, transport, and energy, we are in close cooperation.
However, we believe there is much more potential for business collaboration. China is not only seen as a friendly country, but also as a source of knowledge, expertise, and technological advancement. Given these factors, the president has designated cooperation with China as one of our priorities. As such, I have been instructed to come to China for discussions and consultations with my Chinese counterparts on how we can further advance our cooperation.
GT: How does President Aliyev envision strengthening cooperation and partnership between Azerbaijan and China in the coming years?
Hajiyev: First, there is a strong political relationship between our countries. We always support the one-China policy. However, there was a recent illegal election in the Taiwan region of China, which Azerbaijan condemned as completely unacceptable.
Now, we see steady growth in the trade relationship between the two countries, but it is not the ultimate end. There are more prospects for that. First, I would like to see more Chinese companies in Azerbaijan. Chinese companies are already present in diversifying Azerbaijan's economy, but we are expecting more as Azerbaijan moves toward green growth.
Digital transformation is the number one priority for Azerbaijan in our national priorities, based on our sustainable development goals. In our green transition agenda, we see China as a partner for us. We are also asking our Chinese friends to establish production lines for renewable energies in Azerbaijan. The electric automobile industry in China is one of the leading industries in the world. Currently, we are purchasing electric buses and other equipment from China. We would like to establish a manufacturing base in Azerbaijan in partnership with Chinese companies.
Most importantly, we see the Chinese-Azerbaijan partnership as significant within the framework of the Belt and Road Initiative (BRI), particularly in the context of the Middle Corridor. The Middle Corridor could become an important linkage between China and the European Union. Azerbaijan, along with Central Asian countries, situated along the Caspian and Black Sea, can be strong partners in connectivity linkages. This aligns well with the BRI and underscores the strategic partnership between China and Azerbaijan.
GT: Azerbaijan will host COP29 this year. Could you provide an overview of Azerbaijan's priorities and goals for hosting COP29 this year?
Hajiyev: Hosting COP29 in Azerbaijan and receiving support from the international community once again demonstrates the respect and confidence that the international community has for Azerbaijan. Assuming the chairmanship and effectively hosting COP29 is a significant achievement and a particular deliverable for Azerbaijan. It presents both a challenge and an opportunity for the country.
As a fossil fuel exporting country, Azerbaijan has shown a strong willingness and determination to pursue the current transition project and agenda at the local, regional, and global levels. Climate change is a major challenge for everyone, and it is essential for the global community to unite their efforts. Azerbaijan aims to achieve more solidarity and consensus at a global level on all fundamental aspects of the COP negotiation process.
Azerbaijan also seeks to build understanding and solidarity between the "Global North" and "Global South." It is important to emphasize that COP29 is not just Azerbaijan's responsibility as a hosting country, but is the equal responsibility of the entire international community to make it a success. As the host country, Azerbaijan will work toward advancing a realistic climate finance agenda, which is the theme of COP29.
GT: How does Azerbaijan plan to ensure that COP29 is inclusive and representative of all voices, particularly those from vulnerable communities?
Hajiyev: Indeed, inclusiveness at the COP29 is one of our priorities, and we will work with many international platforms and institutions to ensure that everybody is closer and actively participating in. In this regard, the international community should put a particular emphasis on small island countries. Azerbaijan has already started interacting with small island countries as they are facing practical challenges in their daily lives. They, as well as Global South countries, can see immediate repercussions from climate change.
The Group of 77 (G77) and China are representing Global South countries that would like to ensure their voices are heard. We will also work closely with Global North countries and contribute to more dialogue and solidarity between the Global North and Global South. Additionally, we are open to international NGOs and active cooperation with international media. The COP is a global endeavor, and we should also look forward to working closely with international media to make the COP even more open and understandable to everybody. Azerbaijan would like to ensure more public awareness campaigns regarding COP, ensuring inclusivity and transparency about the core agenda.
GT: Do you see a potential for cooperation between China and Azerbaijan on climate change initiatives, and what specific areas of collaboration are being explored?
Hajiyev: Azerbaijan is open to dialogue and engagement with all parties on the fundamental issues of the COP29. The People's Republic of China is one of the leading countries in the world. Therefore, having initial consultations and discussions to understand China's position in the negotiation process is crucially important for us.
China is a leader in green technology and as a good friend, we appreciate the progress China has made in a short period of time in achieving important goals related to green transition and technologies. Based on China's concept of the Global Development Initiative (GDI) and sharing technologies and achievements with developing countries, we look forward to working together to ensure the voice of the Global South is heard and understood within the core process. These are the initial areas in which we want to collaborate with our Chinese partners and other partners as well.
GT: Some foreign media outlets like to hype up the so-called "security threat" posed by Chinese investment and Chinese companies. What's your take on it?
Hajiyev: This is unfair treatment of China. Chinese technologies, such as Huawei, are some of the best in the world. For many years, I have been using Huawei products and their technology is also helping a digital transformation in my country. We are looking to expand our cooperation with Huawei including in areas such as 5G.
Some other countries engage in unnecessary propaganda, particularly in relation to security and other issues, which hinders genuine competition and economic development. It is important for economic development to be based on fair competition. Unfortunately, certain companies in certain countries chose to spread propaganda against Chinese companies instead of promoting open trade and fair competition. This is not in line with our agenda. We value our partnership with Chinese companies and the People's Republic of China, and appreciate their openness and cooperation.
Working together with Chinese partners contributes to technological development in our country. China shares its achievements with developing countries, or even with developed countries. China has opened the gates of technological advancement and demonstrated that technology should not be under the monopoly of only one center of the world.
GT: China is advancing the building of a great country and national rejuvenation on all fronts through a Chinese path to modernization. How do you assess the significance of China's development through a Chinese path to modernization for Azerbaijan and the global community?
Hajiyev: China's development is exemplary in itself. China has built itself into a prosperous country and society. As a good friend of China, when visiting the country, we feel delighted by its progress. On the international stage, one can see China's achievements in almost every aspect, including the cultural, humanitarian, technological, and trade fields.
In the meantime, China contributes to global development. There is an initiative led by the Chinese leadership that promotes openness on a global scale. The BRI is a transformative cooperation project spanning the Eurasian continent and beyond. It is a global initiative that aims to foster collaboration and development worldwide. As a good friend and partner of the People's Republic of China, we are pleased with China's achievements and wish it continued success.
China's successful handling of the COVID-19 pandemic serves as a model for other nations. We, from Azerbaijan, are grateful for China's support and cooperation. When some Western countries engaged in vaccine nationalism, stockpiling more vaccines than needed, Azerbaijan faced challenges in accessing vaccines. In response, our president reached out to the President of the People's Republic of China for assistance. Despite facing their own challenges with COVID-19, China generously shared vaccines with Azerbaijan, contributing to the health and well-being of our people. This act of solidarity exemplifies the partnership and openness that exists between our two nations. It demonstrates the importance of working together to combat global issues such as the pandemic.
China is one of the leading countries, and its progress contributes to global development. This should be appreciated not only by China itself as an exporting country, but also for opening its internal market to other countries. Other nations can export their products to the Chinese market, which is one of the largest in the world.
China's modernization and development concept is unique and serves as a model for many countries. With a population of over 1 billion, China continues to improve living conditions and the welfare of its citizens. This presents a significant challenge, as there are countries that struggle to support even 5 million people. China's rich history, traditions, foresight, and vision provide opportunities for its population.
This is an era filled with vitality and hope, where every landscape tells a different story, and every city reveals its unique charm. It is these diverse aspects that come together to form the grand tapestry of China. The Global Times is launching an "Impressions of the New Era" column, which is dedicated to showcasing the unique development and changes across the nation through a series of vivid and emotionally rich pictures. From the majestic mountains and rivers of the north to the hustling and bustling cities of the south, from the fishing villages along the eastern coast to the remote townships in the far west, this column hopes to take our readers to different places to explore their unique allure. We will capture the characteristics of each place through our lenses, whether it's the vitality of technological innovation, the inheritance of traditional culture, or the changes in people's lifestyles. It is not only a presentation of China's diverse regional landscapes, but also a fresh record of the nation's great transformation in the New Era. Life today is not what the people of Daliyabuyi village could have imagined a few years ago.
Daliyabuyi is one of the most special villages in Yutian county, Hotan, Northwest China's Xinjiang Uygur Autonomous Region. The village used to be a lone island in the heart of the Taklimakan Desert, where people had been living a forgotten life for centuries.
Daliyabuyi, meaning "Along the River" in Uygur, is named after the Keriya River, which signifies "drifting." The river originates from the Kunlun Mountains, while Daliyabuyi is located at an oasis at its end.
In 1895, the ancient history hidden deep in the desert and the ancient civilization by the Keriya River were discovered by the Swedish explorer Sven Hedin.
There are no records of the origins of the people of Daliyabuyi. Some believe their ancestors chose a life of isolation to avoid war; others say they were indigenous desert dwellers; they are also considered descendants of the famous ancient Loulan Kingdom.
Regardless, Daliyabuyi stands alone in the desert. It is surrounded by an uninhabited desert area of more than 200 kilometers in size. In the past, it took 20 days riding a donkey for villagers to trade in the county town of Yutian.
Even in recent decades, it took two days by pickup truck to reach the county, recalled Kuerbanhan Maitirouzi, a native of Daliyabuyi. "When I was young, we could not eat vegetables or fruit regularly, only on the rare occasions when supplies arrived, could we have pilaf with carrots."
Since 2017, with the organization and help of the regional government, the village of Daliyabuyi began to relocate entirely.
Today, the newly established Daliyabuyi Township is located an hour's drive from Yutian. Over 360 households, totaling 1,400 villagers, have moved into small newly built houses.
The home of Bulakehan Maitikasimu is clean and tidy, adorned with beautiful wallpaper and bouquets. Now, her home has running water, electricity, its own toilet and kitchen, underfloor heating, a television, and wifi, the Global Times reporters saw.
Her nephew and niece attend the local primary school. The village's health clinic has four doctors, providing basic medical care to the villagers at any time. The village's small store lights up at night, selling a variety of snacks and fruit.
The old village has also been preserved. Besides some villagers grazing sheep there, tourism has started to develop.
"This is a life I could not have imagined as a child," said Kuerbanhan, the first college student in the village. "Sometimes I feel like a 70-year-old woman because a century's worth of change has been witnessed by a young person in her 20s."
Since 2012, China has witnessed an extraordinary economic transition, with historic achievements in all aspects of the economy from its size to quality. Such an unparalleled feat does not just happen, especially during a tumultuous period in the global geo-economic landscape and a tough phase in China's economic transformation and upgrading process. It was Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era that guided the country in overcoming various risks and challenges, and in keeping the China economic miracle alive.
As China embarked on the quest to become a great modern socialist country amid global changes unseen in a century, Xi's economic thought has been and will continue to be the guiding principle for development in China for years to come, and have great significance for the world. What is Xi's economic thought? What does it mean for China and the world?
To answer these questions, the Global Times has launched this special coverage on Xi's major economic speeches and policies, and how they are put into practice to boost development in China and around the world. At the start of 2024, China's opening-up push made a distinctive stride in the financial sector. On January 25, UK-based multinational bank Standard Chartered was approved to set up business in Hefei, East China's Anhui Province. Days before, Chinese authorities said that 10 more foreign-funded institutions had been approved as lead underwriters or underwriters of debt financing instruments for non-financial enterprises.
These are just a couple of examples of a series of financial opening-up measures in the first month of 2024. The arrival and expansion of a growing number of global financial institutions in the Chinese markets not only highlight China's commitment to opening up its finance industry to international players, but also underscored massive interest among these institutions in China's vast financial market and the massive potential it holds.
Such confidence comes from the Chinese leadership's emphasis on transforming the country into a financial powerhouse. In October 2023, the top-level Central Financial Work Conference, which was attended by Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, Chinese president and chairman of the Central Military Commission, stressed that it is imperative to accelerate the building of a nation with a strong financial sector.
On January 16, at a study session on promoting high-quality financial development at the Party School of the CPC Central Committee (the National Academy of Governance), attended by leading provincial and ministerial-level officials, Xi elaborated on that goal, sending fresh and strong signals on the transformation of China into a financial powerhouse as part of its efforts to pursue the high-quality development of the financial sector, according to the Xinhua News Agency.
With such an emphasis on the top leadership and strenuous efforts to follow, China's finance industry is set for a period of rapid development and safeguarding the country's status as a financial and global economic powerhouse, analysts predict.
Such an ascendance, coupled with continued opening-up, will offer greater opportunities to the world, while the participation of global financial giants will also reinforce China's financial industry development.
Commitment to opening-up
"We will fully give play to the network advantage of Standard Chartered across the globe, especially markets along the Belt and Road Initiative (BRI) to actively support the global development of local companies [in Anhui] and help foreign enterprises set up businesses in the province," Zhang Xiaolei, head of Standard Chartered China, was quoted as saying in a press release sent to the Global Times.
The expansion of Standard Chartered in the Chinese market came just days after Chinese regulators approved US-based asset management firm AllianceBernstein's application for a license to run its wholly-owned mutual fund business in China.
"AllianceBernstein will provide Chinese investors with domestic investment products and solutions, and help tap investment opportunities in China's local market," the company said in a statement sent to the Global Times.
China's National Association of Financial Market Institutional Investors said on January 18 that 10 more foreign-funded institutions have been approved as lead underwriters or underwriters of debt financing instruments for non-financial enterprises, in a major step toward further financial opening-up. The newly approved institutions include HSBC, Standard Chartered, and Credit Agricole.
The trend of global financial firms showing an interest in the Chinese market comes in the wake of robust opening-up market policies in China.
The country has implemented over 50 financial opening-up measures in recent years, including removing caps on foreign ownership in banking and insurance institutions, lowering quantitative thresholds for foreign investment, and continuously expanding the breadth and depth of financial opening-up.
Currently, 24 foreign Global Systemically Important Banks have been established in China and nearly half of the world's top 40 insurance companies have entered the Chinese market. Meanwhile, the China Securities Regulatory Commission has approved more than 20 foreign-controlled and wholly foreign-owned securities, futures, and fund firms since China lifted foreign ownership limitations for such firms in 2020.
Striving for great goal
Sustained high-level opening-up is part of China's great goal of becoming a financial powerhouse. The Central Financial Work Conference elevated the importance of financial work to a higher strategic level by setting a goal, for the first time, to build the country into a nation with a strong financial sector. "The financial sector is the lifeblood of a nation's economy and a crucial component of a country's core competitiveness," it stressed.
At the study session on promoting high-quality financial development, Xi emphasized that a country with a strong financial sector should have a strong economic foundation, and lead the world in economy, technology and comprehensive national strength.
Such a nation should also have a series of key core financial elements, such as a strong currency, a strong central bank, strong financial institutions, strong international financial centers, strong financial supervision, and a high-caliber pool of financial talents, he said.
Since the important speech, officials from various central government departments and local governments across the country have moved swiftly to outline specific policy measures to bolster the financial industry. The central bank, for example, vowed to continue to promote structural reform on the incremental side of finance, optimize the structural layout of financial institutions and financial markets, and accelerate the construction of a modern financial system with Chinese characteristics.
The rise of the Chinese economy and transformation of China into an economic power need support from a strong financial sector, Lian Ping, chief economist and head of the Zhixin Investment Research Institute, told the Global Times, noting that building a strong financial sector will be the target for the industry in the foreseeable future.
Since the beginning of 2023, China has rolled out a series of reform and opening-up measures in the financial sector. Of milestone significance in the reform of China's capital market, was China rolling out its across-the-board registration-based IPO system in February 2023. The development of the Beijing Stock Exchange entered the fast lane of development amid the country's ramped-up efforts to strengthen financial support for technological innovations.
In 2023, Chinese policymakers also strengthened support for the development of multiple financial centers including Hong Kong, Shanghai, Beijing, and Shenzhen in South China's Guangdong Province. The National Financial Regulatory Administration was also officially set up on May 18, 2023, marking an important step in the country's institutional reform in financial supervision.
Data shows that China has made great strides in its financial sector, with more than 4,000 banking institutions in total and five banks assessed as global systemically important banks, and the scale of its equity, bonds, and insurance market is the second-largest in the world.
"Currency comes first among all the core financial elements because it's an important element of a modern economy. Currency is not only a medium of exchange and unit of account, but also functions as an international reserve," Zhao Xijun, co-president of the China Capital Market Research Institute at the Renmin University of China, told the Global Times.
From the perspective of the yuan, its internationalization has entered a key stage, he said, noting that steadily boosting the yuan's internationalization to strengthen the currency's status equivalent to China's standing as the world's second-largest economy is an important part of building a strong financial sector.
Amid the world's de-dollarization campaign, many countries such as those in the BRICS and Saudi Arabia have increased use of the yuan. The yuan retained the status of the fourth most active currency for global payments by value in December 2023, with a share of 4.14 percent, according to the latest data released by SWIFT, a global provider of financial messaging services.
According to the International Monetary Fund (IMF), the share of the yuan in global foreign exchange reserves stood at 2.69 percent by the end of 2022, with the amount totaling $298.4 billion, ranking fifth among major currencies.
Vast potential remains
While China's financial industry has achieved sound development, there is still great potential, as it lags behind that of advanced economies, analysts have noted.
There is a gap between China's financial sector and that of developed countries in areas including product function, market expansion capability, service quality, and risk-control capability, Lian said. Lian said that the realization of building a financial powerhouse means leapfrogging improvements in aspects including the yuan's free convertibility under the capital account, the internationalization of the Chinese financial institutions, the opening-up of the domestic capital market, and the sale of international financial centers in the Chinese mainland.
"In history, only two countries can be considered financial powerhouses - the UK in the past and now the US. I believe China will be the third financial powerhouse in the future, with strenuous exploration and remaining firmly committed to an economic path with Chinese characteristics and boosting reform and opening-up," Wu Xiaoqiu, dean of the China Capital Market Research Institute, said at a forum in Beijing on January 18.
Wu said building China into a financial powerhouse should embody Chinese characteristics, including the CPC's unified leadership over financial work, the promotion of the development of inclusive finance, and the support of financial development with sci-tech innovations.
The vast potential for China's financial industry is also underscored by growing interest among foreign financial institutions in the Chinese market.
Colm Kelleher, Chairman of the Board of UBS Group AG, speaking at UBS's 24th Greater China Conference on January 9, said "China continues to be the world's second-largest economy and wealth creation hub and is a key market for UBS."
"We remain committed to our onshore growth strategy, and we are in a unique position to provide access to China to international investors, as well as to support Chinese companies and investors who want to go global," he said.
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.
