Commemorative events held across China to mark 103 years of CPC

A series of commemorative activities have been held across the country in the lead-up to the 103rd anniversary of the Communist Party of China (CPC)'s founding on July 1.

In Jiaxing, Zhejiang Province, the Nanhu Revolutionary Memorial Hall and Nanhu Huixin Island beside the Red Boat hosted a series of events. Recently, over 10,000 visitors daily have come to study and pay homage, revisiting the region's revolutionary history.

The CPC held its first national congress in Shanghai in July 1921, later transferring the meeting to the Red Boat on the Nanhu Lake.

"I have gained a better understanding of the Party history and revolutionary spirit [of our predecessors]. I will continue to improve my professional skills and service level to better tell the story about the Red Boat and the Party," said Li Xiaotong, a tour guide at the Nanhu Revolutionary Memorial Hall.

Party members visited revolutionary sites or patriotism education bases in Yunnan, Hunan, Henan, and Shandong provinces and took solemn oaths before the Party flag.

In Longnan City in northwest China's Gansu Province, a group of veterans retraced the route of the Long March - a military maneuver carried out by the Chinese Workers' and Peasants' Red Army from 1934 to 1936 - to pay tribute to the revolutionary martyrs and pass on the traditions of revolution.

A group of Party members in Qinhuangdao City in north China's Hebei Province conducted a torch-relay activity to link the city's revolutionary landmarks.

An oath-taking ceremony was held for new Party members in Xiaogan City in central China's Hubei Province. To pass on the revolutionary spirit, old Party members walked onto the stage and helped young members don the Party emblem.

A group of tourists gathered on the banks of the Yellow River, China's second-longest river, to sing revolutionary songs and express their pride in the country's development.

Similar activities were also held in Ali Prefecture in southwest China's Xizang Autonomous Region and Anyuan County in east China's Jiangxi Province.

"On the 103rd founding anniversary of the CPC, we wish the Party to remain young forever and our country to enjoy even greater prosperity," said Chen Xia, a resident of Anyuan.

Meanwhile, officers and soldiers across all units of the Chinese People's Liberation Army (PLA) solemnly swore before the Party flag on training grounds, guard posts, peacekeeping troops' barracks, and even at sea, demonstrating their determination to safeguard a peaceful life for the people.

According to a statistical report released by the party on Sunday, the CPC had more than 99.18 million members at the end of 2023, up by over 1.14 million from 2022.

Commemorative events held across China to mark 103 years of CPC

China's Ministry of Finance on Wednesday issued 2 billion U.S. dollars worth of sovereign bonds for international investors in Riyadh, the capital of Saudi Arabia.

Of the total, the issuance of three-year bonds stood at 1.25 billion U.S. dollars in value with an interest rate of 4.284 percent, and the issuance of five-year bonds totaled 750 million U.S. dollars with a yield of 4.340 percent.

International investors have shown strong enthusiasm, with the total subscription value amounting to 39.73 billion U.S. dollars, 19.9 times of the issuance amount. In particular, the five-year subscription multiple reached 27.1 times, the highest multiple for global sovereign bonds issued in recent years.

Among the international investors, those from Asia, the Middle East, Europe and the United States accounted for 68 percent, 8 percent, 20 percent and 4 percent, respectively, with the share of Middle Eastern investors reaching a record high.

In terms of investor types, sovereign entities, banks, fund asset management firms, insurance investors and dealer investors accounted for 9 percent, 50 percent, 37 percent, 2 percent and 2 percent, respectively.

"Throughout the issuance process, international investors have actively subscribed to the sovereign bonds. Their geographical distribution is broad, while the types of investors are varied. This fully demonstrates that international investors have high recognition for China's sovereign credit and firm confidence in the long-term high-quality development of China's economy," said Wang Jiaqiang, senior researcher at the Bank of China Research Institute.

The sovereign bonds will be listed on both the Hong Kong Stock Exchange and the Nasdaq Dubai Stock Exchange. This marks the first line of Chinese sovereign bonds to be issued and listed in the Middle East, as well as the first line of Chinese sovereign bonds priced and issued in Saudi Arabia.

Industry insiders say they believe that this issuance will further promote financial exchanges and cooperation between China and Middle East countries and encourage more Chinese institutions to engage in investment and financing activities in the region.

Sovereign bonds are issued by the central government of a sovereign state intending to raise funds to meet the government's fiscal needs. Because the bonds are backed by the credit of the sovereign state, the risk of default is typically low.

China issues 2 billion U.S. dollars of sovereign bonds in Saudi Arabia