The Think Tank Conference of the Euro-Asia Economic Forum took place on Wednesday in Xi'an, capital of northwest China's Shaanxi Province, aiming to promote the practical development of the forum and deepen high-quality Belt and Road cooperation by focusing on the impact of the global economy on the Eurasian region.
The conference brought together over 80 experts, scholars, university presidents, and business leaders from both home and abroad to discuss the theme, topics, and framework of the 2025 Euro-Asia Economic Forum, with the goal of facilitating the preparations for the forum next year.
During the event, experts and scholars discussed the future of the Euro-Asia Economic Forum and envisioned the framework for the 2025 edition. They also launched the establishment of the forum's think tank alliance, which aims to provide suggestions and intellectual support for the practical development of the forum.
The conference has yielded a range of research outcomes and suggestions with significant academic value and influence, providing strong intellectual backing for deepening high-quality Belt and Road cooperation and promoting higher-level opening up.
"Cities functioning as urban nodes like Xi'an have huge potential for development. I believe these cities can play more pivotal roles in areas such as think tanks, funding, technology, and business, which can facilitate mutual exchange and collaboration," said Wang Yongzhong, research fellow at the Institute of World Economics and Politics under the Chinese Academy of Social Sciences.
"Xi'an's role as a strategic hub in the Belt and Road Initiative (BRI) is increasingly important. The operation of China-Europe freight trains from Xi'an plays an exemplary role across the country. These trains, in coordination with maritime, air, and road transport, enable Xi'an and Shaanxi to make more and new contributions to the BRI," said Feng Zongxian, dean of the Institute of Belt and Road and Global Development at Xi'an Jiaotong University.
The Euro-Asia Economic Forum, primarily involving Shanghai Cooperation Organization (SCO) member states and catering to the broader Eurasian region, is a large-scale institutional international forum held biennially since 2005.
Having successfully completed 10 sessions to date, the forum has evolved into a platform for exchanges and cooperation among Eurasian countries and regions, as well as a significant gateway for Shaanxi's "opening to the West" endeavor.
Think Tank Conference of Euro-Asia Economic Forum held in China's Xi'an
China's stock markets ended on a high note on Thursday, fueled by optimism following the announcement of a raft of stimulus policies.
The Political Bureau of the Communist Party of China Central Committee called on Thursday for intensified economic efforts, including implementing substantial interest rate cuts and promoting the stabilization of the property market, as China strives to meet its annual economic and social development targets.
Earlier this week, the government announced a broader-than-expected policy package to galvanize the economy's rebound. These policy measures include reducing the reserve requirement ratio for banks and mortgage rates for existing homes, as well as introducing new monetary programs to boost the capital market, among other initiatives.
The announcements have given a boost to Chinese stock markets.
The benchmark Shanghai Composite Index closed Thursday up 3.61 percent at 3,000.95 points, the Shenzhen Component Index ended 4.44 percent higher at 8,916.65 points, and the blue-chip CSI 300 rose 4.23 percent to 3,545.32 points.
The combined turnover of stocks covered by the Shanghai Composite Index and Shenzhen Component Index stood at around 1.16 trillion yuan (about 164.88 billion U.S. dollars), surpassing one trillion yuan for the second consecutive day.
Property developers, food and beverage makers and tourism and hotel operators were among the big winners on the markets. Some real estate stocks surged up to the daily 10-percent limit, food and beverage stocks rose 5.96 percent, and the tourism and hotel industry grew 5.17 percent.
The increases have boosted market confidence.
"This is really exciting and it makes people happy. I increased my shareholdings," said Mr. Yuan, an investor.
"This is very good and positive news, because market sentiment has been low for a long time. I will put more money in an automatic investment plan," said Mr. Deng, another investor.
Some market analysts said that China's A-shares, referring to yuan-denominated stocks of China-based companies that are traded on the Shanghai Stock Exchange or the Shenzhen Stock Exchange, have surged for a third day in a row, which has restored investor confidence, and the rebound is expected to continue.
They noted that the three-day winning streak also serves as a boon to Shenzhen's small and medium-sized enterprises and scientific and technological companies.
"The stock market recovery is significant good news for Shenzhen's small and medium-sized enterprises and scientific and technological companies. On the one hand, it increases the market value of listed companies and boosts investors' confidence, which helps promote the enterprises' development. On the other hand, the Political Bureau of the Communist Party of China Central Committee's meeting vows more support to foster new quality productive forces. So scientific and technological innovation enterprises can receive more support, thus bringing new opportunities to unlisted small and medium-sized enterprises and scientific and technological companies in Shenzhen," said Yang Delong, chief economist at Qianhai Open Source Fund.
Hong Kong stock markets also extended gains on Thursday with the benchmark Hang Seng Index up 4.16 percent to close at 19,924.58 points, a fresh record this year.
The Hang Seng China Enterprises Index surged 4.75 percent to end at 7,086.7 points, and the Hang Seng Tech Index jumped 7.27 percent to close at 4,209.71 points.
Hong Kong-listed Chinese mainland real estate stocks soared, with many posting increases of more than 20 percent, while tech, internet and consumer goods stocks also registered gains.
Chinese stocks extend gains on stimulus policies
