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More reforms to unlock "hidden productive forces" of China’s economy: investment economist

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      China

      China

      More reforms to unlock "hidden productive forces" of China’s economy: investment economist

      2024-07-19 21:27 Last Updated At:23:17

      Reforms mapped out in a resolution of the third plenary session of the 20th Central Committee of the Communist Party of China (CPC) lay out a path for China to become a developed country by building on recent policies that have opened the economy to foreign capital, according to Grow Investment's chief economist Hong Hao.

      The 20th CPC Central Committee adopted the resolution on further deepening reform comprehensively to advance Chinese modernization at its third plenary session held in Beijing from Monday to Thursday, drawing up a sweeping blueprint that will guide China's reform and opening-up for years to come.

      Offering the first glimpse of what nearly 400 officials discussed behind closed doors during the four-day meeting, it outlined the country's aim to build into a "high-level socialist market economy" by 2035.

      In his analysis of the readout, Hong underscored the country's transition to an economy centered on innovation.

      "I think right now China is going through the process of restructuring its growth engine. So in the past twenty years, it has been exports and also it has been the domestic property market that have been driving Chinese growth. I think going forward, there's a new term that is being mentioned many times in the recent communique (resolution), which is the new [quality] productive forces. So we are hoping in the next stage of growth, we're trying to use technological advancement and other forms of new technology to help China go into a medium-level developed country," said the chief economist.

      Financial reform is one of the main focuses of the document, which calls for tax cuts and deepening institutional reform in finance and fiscal policy.

      In Hong's view, these reforms will likely be key to enticing more foreign capital into the country's financial sector.

      "Since a couple of years ago, we've been allowing foreign capital to increase its stake in many of the financial industries in China, for example, insurance, mutual fund companies. So right now the foreign capital can own a majority at stake in many of these companies. I think going forward, there's also a reform of how the mutual fund industry is being regulated, how financial professionals have been compensated in the financial industry and also how best to use the financial instruments as the instrument to propel Chinese growth," said Hong.

      More reforms to unlock "hidden productive forces" of China’s economy: investment economist

      More reforms to unlock "hidden productive forces" of China’s economy: investment economist

      More reforms to unlock "hidden productive forces" of China’s economy: investment economist

      More reforms to unlock "hidden productive forces" of China’s economy: investment economist

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      Chinese embassies hold receptions to celebrate upcoming Spring Festival

      2025-01-21 21:46 Last Updated At:22:07

      Festive receptions were held by Chinese embassies to celebrate the upcoming Spring Festival, with the promotional video for the 2025 China Media Group (CMG) Spring Festival Gala unveiled to add festive atmosphere to the events.

      The Spring Festival centers around the Chinese New Year, which lands on Jan. 29 this year, ushering in the Year of the Snake.

      The Chinese Embassy in Tajikistan hosted a Spring Festival reception on Jan. 20 for overseas Chinese in Tajikistan. Nearly 300 people, including representatives of overseas Chinese groups such as the Chinese Chamber of Commerce in Tajikistan, the Federation of Overseas Chinese, teachers and students from the local Confucius Institute, and international students in Tajikistan, gathered to celebrate the coming of the Year of the Snake.

      In his speech delivered at the reception, China's Ambassador to Tajikistan Ji Shumin said that China's high-quality development and high-level opening-up have injected certainty and stability into a turbulent and changing world. China-Tajikistan cooperation in various fields has been promoted across the board, and the development of bilateral relations has reached a new level. Looking forward to 2025, China-Tajikistan relations will shine with new vitality and bring more benefits to the people of both countries, said the ambassador.

      The promotional video for the 2025 CMG Spring Festival Gala was played in a loop at the reception. By watching the video, guests felt the festive atmosphere of the Spring Festival and the unique charm of Chinese traditional culture.

      At the reception, overseas Chinese in Tajikistan performed a variety of cultural programs created by themselves. The joyous lion dance, the melodious guzheng performance, and the passionate Tajik eagle dance added a great deal to the festive atmosphere.

      The Chinese Embassy in the Philippines, the Federation of Philippine-Chinese Chambers of Commerce and Industry, the Federation of Philippine-Chinese Associations, and the Philippine-Chinese Chamber of Commerce jointly held a Spring Festival reception on Jan. 19. More than 1,000 people from the Philippine government, Congress, overseas Chinese, people from all walks of life, and foreign diplomatic envoys to the Philippines gathered to celebrate the festival.

      Huang Xilian, Chinese Ambassador to the Philippines, extended New Year greetings to people from all walks of life in China and the Philippines, saying that the Spring Festival is a common festival for the people of many countries, including China and the Philippines, and has been listed as an intangible cultural heritage of humanity by UNESCO. He said that this year marks the 50th anniversary of the establishment of diplomatic relations between China and the Philippines, and he hopes that both countries will cherish and maintain the bilateral relations for greater benefits to the people of the two countries.

      Philippine Vice President Sara Z. Duterte and Louise Araneta-Marcos, wife of Philippine President Ferdinand Romualdez Marcos Jr., extended new year greetings via video link. Duterte said that the 50th anniversary of the establishment of diplomatic relations between the Philippines and China is of great significance, and she looks forward to the two countries working together to create a harmonious and prosperous future. Marcos said that the Philippines-China relations have been developing continuously for decades, which truly reflects the long-term friendly relations between the people of the two countries.

      The promotional video for the 2025 CMG Spring Festival Gala was played at the reception. The festive atmosphere and gorgeous stage design attracted the attention of all the guests present.

      Chinese embassies hold receptions to celebrate upcoming Spring Festival

      Chinese embassies hold receptions to celebrate upcoming Spring Festival

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