China has unveiled a slew of policy measures to promote the steady growth of foreign trade and consolidate economic recovery, according to a notice released by the Ministry of Commerce on Thursday.
Insurance companies are encouraged to increase underwriting support for "little giant" and "hidden champion" firms in their efforts to expand to diversified markets, according to the notice.
"Little giants" refer to the novel elites of China's small and medium-sized enterprises (SMEs) that are engaged in manufacturing, specializing in a niche market and boasting cutting-edge technologies. "Hidden champions" refer to highly successful yet lesser-known SMEs that are global leaders in terms of market share in their respective niches.
Banking institutions should continuously optimize financial services for foreign trade enterprises in areas such as credit approval, loan disbursement, and repayment while ensuring rigorous verification of trade authenticity and effective risk management.
Financial institutions are encouraged to increase financing support for micro, small and medium-sized companies based on market-oriented and law-based principles, said the notice.
Efforts should be made to optimize cross-border trade settlement, promote the development of cross-border e-commerce, expand agricultural product exports, and support the imports of key equipment and energy resources.
The country will also drive innovative development in green trade and border trade, attract and facilitate cross-border business travel, enhance maritime transport support for foreign trade, and strengthen employment services for foreign trade enterprises, according to the notice.
The latest policy measures are part of China's ongoing efforts to promote foreign trade growth, cultivate new international competitive advantages, and achieve mutual benefits with other countries.
The country has built 22 pilot free trade zones (FTZs) covering coastal, inland and border areas. These zones contribute about 20 percent of the country's total foreign investment and import-export volume. Foreign trade in the FTZs expanded by 11.99 percent year on year in the first three quarters of 2024.
In the first ten months, China's foreign goods trade rose 5.2 percent from a year ago to 36.02 trillion yuan (about 5 trillion U.S. dollars), with exports up 6.7 percent and imports up 3.2 percent, official data showed.
China strengthens policy support for foreign trade development
China announces slew of policy measures to boost foreign trade
The Light of Internet Expo kicked off on Tuesday during the 2024 World Internet Conference (WIC) Wuzhen Summit in the water-town of Wuzhen, showcasing the latest technological achievements, especially those made in the artificial intelligence (AI) area.
This year, the expo, which runs until Friday, primarily features exhibition displays while hosting new products and technology releases, industrial talent matching, industrial collaboration matchmaking and "Light of Innovation" series promotion.
Innovative exhibits includes a smart drone inspector, a fast-moving humanoid robot, and an AI-powered 3D brain hologram generator.
An interactive AI-empowered hologram experience allowed visitors to engage with a virtual representation of the Tang Dynasty (618-907) poet Li Bai (701-762), enabling a poetic dialogue that transcends time.
"I raise my cup to invite the Moon who blends, her light with my Shadow and we're three friends," the poetic genius wrote the lines in his well-known piece of work when drinking alone under the moon.
Now such romance over 1,000 years ago has been brought to modern people with the help of AI holographic interaction.
In the health care sector, a palm-sized AI-based Traditional Chinese Medicine (TCM) diagnostic device is on display. The system, which combines big data analytics and AI modeling, can perform health screenings and recommend personalized treatment plans in just two minutes of hand contact.
Users will receive a detailed health report, alongside 16 recuperation plans that include herbal treatments, food therapy and acupuncture.
AI applications has been prominently integrated into the security work during the Wuzhen Summit, with integrated drone, unmanned vehicle and boat systems providing surveillance across land, air and water.
A fleet of three one-meter unmanned boats equipped with 360-degree cameras monitors water quality and security through 5G networks.
"When the boat finds a dangerous situation or suspicious person, it will first select a box on the screen or enlarge the characteristics of the suspicious person, and then upload the image to control center, where AI big data will make comparisons. We can expel or stop the marked person through remote speaker on the boat," said Duan Aofei, an unmanned boat monitoring personnel.
While AI offers numerous benefits, the conference also addressed the potential for misuse. With the rise of deepfake technology, ensuring online security remains a pressing concern. Demonstrations showcased how AI can create hyper-realistic synthetic identities, prompting discussions on the need for robust verification methods.
One demonstration showed AI systems successfully detecting and blocking various types of synthetic face photos and videos that could potentially be used in fraud attempts.
The 2024 WIC Wuzhen Summit kicked off on Wednesday morning in Wuzhen, highlighting efforts to build a people-centered and AI-for-good digital future.
The 2024 edition, themed "Embracing a People-centered and AI-for-good Digital Future -- Building a Community with a Shared Future in Cyberspace," includes 24 sub-forums on topics such as the Global Development Initiative, digital economy and artificial intelligence (AI) technology governance, along with a series of activities.
AI-powered innovations take center stage of Light of Internet Expo
