China's efforts in pursuing its own development path send a signal to the world that collaboration based on mutual respect is crucial to overcoming shared challenges in the global marketplace, according to a Japanese economist.
At its third plenary session, held in Beijing from July 15 to 18, the 20th Central Committee of the Communist Party of China (CPC) adopted a resolution on further deepening reform comprehensively to advance Chinese modernization.
As the key outcome of the session, the resolution outlines the overall objectives, timetable, and roadmap for further deepening reform comprehensively.
Kato Yoshikazu, a research fellow at the Rakuten Securities Economic Institute in Tokyo, said the resolution shows that in the face of global challenges, China is gaining confidence in pursuing its own way.
"How to balance our economic growth and national security, I think this is a very important question. So I think now the nature of the market and the importance of the market at this moment is slightly changed. So we need to face it, we need to adjust it," he said, speaking in an interview with China Global Television (CGTN).
Yoshikazu, who is also a former adjunct associate professor at the Asia Global Institute, University of Hong Kong, added that the world should welcome China's steps toward modernization and find a way to work out together.
"Reform and opening-up are interconnected. So this is very inevitable for China's modernization. So hopefully China, as an Asian [nation] or [from the Japanese perspective as] China's neighbor, China is pursuing its own way with its own characteristics, and as for the rest of the world, we need to adjust to this process, and to find a way to work it out together. I think this is the accurate way to collaboration," he said.
Successful collaboration hinges on acceptance of China's development pursuit: Japanese expert
Successful collaboration hinges on acceptance of China's development pursuit: Japanese expert
Known primarily for its coal production, the city of Taiyuan in Shanxi Province is undergoing a cultural transformation. As part of China's booming concert economy, Taiyuan is actively seeking to provide unforgettable experiences for music fans.
Local authorities are supporting businesses in capitalizing on the growing demand for immersive concert experiences.
Taiyuan has implemented innovative initiatives. The city offers free public transportation for concert attendees, including bus and subway rides, both during the concert period and for three days before and after the event .
Taiyuan's commitment to creating a vibrant concert atmosphere is evident throughout the city. Giant banners and posters promote upcoming events, while various support activities further enhance the experience.
At a recent concert, a CGTN correspondent witnessed the city's dedication to providing a memorable experience. Each fan was greeted with a personalized souvenir bag filled with local specialties. Additionally, a captivating drone performance delighted the audience, adding an extra layer of excitement to the event.
"We have both also been to several concerts before. But this is the first time we've enjoyed various perks. Some shops are offering free merchandise. There are shuttle buses. The concert ticket also provides free admission to other local attractions. I think it is really nice," a concertgoer said.
"I have attended several concerts in Taiyuan where I have had really great experiences," another concert fan said.
Taiyuan's thoughtful initiatives have not only delighted concertgoers but also stimulated the city's consumer activity.
"From April to September, Taiyuan hosted more than 10 concerts. We could feel the enthusiasm of the fans at each event. There was a noticeable increase in hotel bookings as well," said Ma Shuting, marketing manager of a local hotel.
The concert period has also boosted the street-stall economy. The area around the venue has been transformed into a vibrant marketplace, with hundreds of stalls offering a diverse range of goods and services, from snacks and concert merchandise to beauty treatments.
"Business is doing quite well because there are many people coming from both out of town and locally. The daily revenue is approximately between 2,000 and 3,000 yuan (about 282 to 423 U.S. dollars)," a vendor told CGTN.
To solidify its position as a leading performing arts center in Northern China, the local government has made a significant commitment to fostering the concert economy.
"All 11 government departments in Taiyuan have jointly introduced several measures to support the development of the concert economy. For concert organizers in Taiyuan that meet the criteria, subsidies ranging from 150,000 yuan to 800,000 yuan (about 21,200 to 113,000 U.S. dollars) will be provided. Additionally, the city government has also established a special task force to ensure the smooth running of large-scale concerts," said Liu Rui, deputy director of the Taiyuan Bureau of Culture and Tourism.
The concert economy holds immense potential for economic growth, as demonstrated by the impact of Taylor Swift and Coldplay concerts on Singapore's GDP, which was boosted by around 0.25 percent.
Taiyuan is positioning itself as a major player in the concert industry, with over 30 concerts scheduled for this year alone. These events are expected to attract nearly 800,000 fans and generate tens of billions of yuan in consumer spending.
The city's commitment to the concert economy reflects its proactive pursuit of new growth drivers. This not only boosts consumption in the culture and tourism sector but also contributes to the broader economic transition toward high-quality growth.
Taiyuan's thriving concert economy boosts cultural, tourism growth
