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From many perspectives, Wuzhen, in East China's Zhejiang Province, a town with thousands of years of history, is not a name that automatically comes to mind when poverty and backwardness are mentioned. Even without considering its rich cultural history and connections to many famous figures, in the last few decades, it has become a well-planned tourist attraction known to most Chinese people.

As a typical ancient water town in the Jiangnan region, Wuzhen has a history spanning over 7,000 years and has been an established center for over 1,300 years. In the 1990s, the local government started to renovate the ancient town. The 21st century marked Wuzhen's transformation into one of the most popular tourist attractions in the region.

However, beyond the bustling tourist area, Wuzhen was rarely associated with "modernization" in any comprehensive way for a period of time. Outside the scope of the tourism industry, many people still lived in old villages in their old lifestyles.

This situation, however, began to change in June 2003 with the implementation of Zhejiang's Green Rural Revival Program, which plans to renovate about 10,000 incorporated villages and transform about 1,000 central villages among them into examples of moderate prosperity in all respects.

Xi Jinping, then secretary of the CPC Zhejiang Provincial Committee, promoted and deployed this modernization project to address the problem of imbalanced urban-rural development, creating a new development path for beautiful villages.

From duck farming to bamboo weaving

Chenzhuang village, like many other ordinary Chinese villages, had a long-term reliance on the animal husbandry and breeding as its main industry. "Chenzhuang used to be a specialized duck farming village, and every household would raise ducks on a fairly large scale," said Shen Siyuan, a member of the Chenzhuang village committee, to visiting Global Times reporters. "But the odor and waste generated by duck farming had a significant impact on the village's environment."

Transitioning from the backward poultry breeding ground to a traditional bamboo weaving craft was a long-term consideration by the village committee.

After closing down the environmentally damaging duck farms, many villagers joined the handicraft workshops of several bamboo weaving families in the village. In the workshops, the Global Times saw many villagers chatting and skillfully weaving bamboo items. Technical discussions or sharing sessions about bamboo weaving are routinely organized or spontaneously held among the villagers. When showing their bamboo weaving works to the Global Times, many of the former farmers turned bamboo artisans had proud smiles on their faces.

The village's leader in bamboo weaving, who is an inheritor of the craft, Qian Jihuai quit his job working for a company and followed his father, Qian Xinming, to engage in bamboo weaving full time in 2007, in the era of the decline of bamboo weaving in Wuzhen.
He came up with the idea of linking bamboo weaving with Wuzhen's tourism industry, and applied for a store at a tourist attraction and then tried to weave some Chinese characters out of bamboo as tourist souvenirs. It turned out that tourists loved these novel souvenirs.

Qian and his father therefore saw this as a new path to promote bamboo weaving and began developing related products. They traveled to other towns in China with a tradition of bamboo weaving and studied and researched extensively on the development of bamboo weaving in other countries.

"We gradually discovered that there was a lot of room for the expansion of bamboo weaving as an art," Qian said. He set up his own bamboo weaving studio with his father and brother, brought systematic bamboo weaving classes to schools, and introduced bamboo weaving skills to more people through online livestreams. In his studio, the Zhuyun Workshop, 15,000 visitors study bamboo weaving and take part in learning experiences every year. The workshop features many works of his fellow villagers, many of whom work there for a living.

According to Qian, the sense of happiness generated by social recognition is a new thing for many villagers who have been engaged in the poultry breeding industry for generations, but it has become an important part of achieving common prosperity in modern rural areas.

Such workshops are parts of an innovative project in Zhejiang that helps low-income groups increase their income. Currently, more than 7,000 such workshops have been established in the province, employing more than 340,000 people, with an average monthly income increase of about 2,600 yuan ($368) per person.

After the leveling of the land and the greening transformation, Chenzhuang has also built a leisure park in the village and a free library for villagers to read and check out books in the center of the village. When villagers recall their previous lives of duck farming to the Global Times, they find it hard to believe the changes.

From small towns into high-tech parks

Thanks to the Green Rural Revival Program, the image of the countryside has been comprehensively lifted in Zhejiang. A total of 2,170 featured villages and over 3 million beautiful rural courtyards have been built, according to the Xinhua News Agency.

In 2011, the program entered the stage of creating high-quality and beautiful villages. The integration of "lucid waters and lush mountains" into the new lives of the people of Zhejiang, as well as the significant changes in the environment, and the government's tremendous support for external talents, have attracted many investors and high-tech entrepreneurs.

In a high-tech park in Wuzhen, Global Times reporters met Jiang Jianguo, who used to work in display technology research in Silicon Valley, and has chosen to start a business in Wuzhen in 2019.

"When we planned to build a factory, we had high requirements and needed a very high-end purification workshop, and the local government helped us solve these problems with great seriousness," Jiang said. "This made us determined to establish our company in Wuzhen."

The high-end manufacturing industry in the field of electronic flexible screens created by Jiang has created new job opportunities and demonstrated the vitality of cutting-edge innovation and technology in this small town of Wuzhen, inducing the return of many young people who had migrated for work.

"In the past, if you wanted to find a good job, you had to go to first- or second-tier cities," said Shen Guyu, a young company employee, to the Global Times. "Now, you can work in high-tech enterprises in your hometown, and commuting is also very convenient."
Some employees also expressed their expectations for more high-tech enterprises in small towns. "After having a second child, my partner and I hope to leave the big city and return to our hometown for the sake of our children," said another employee, Wang Hua. The landing of these high-tech enterprises in Wuzhen makes it possible for them to engage in cutting-edge industries in their hometowns.

By the end of 2022, Zhejiang had registered 9.43 million operating entities, to which the private economy contributed 67 percent of the province's GDP, 71.7 percent of tax revenue, and 87.5 percent of employment. The booming private sector has provided unprecedented opportunities for young people in villages and towns to increase their income, find employment, and to produce new ideas.

In 2021, Zhejiang's Green Rural Revival Program entered the "creating future and achieving common prosperity" stage. The boundaries between urban and rural areas have gradually disappeared, and the foundation for sustainable development has become more solid.

In Shufeng village, Wuzhen, one can feel the gradual birth of a future village.

When Global Times reporters arrived at Shufeng village, villager Yu Liqin was preparing to build a new house, and village official Jiang Chao had agreed to measure the homestead with her in a very unconventional way.

Jiang demonstrated the various conditions of his homestead through the intelligent management system to Yu. With the help of aerial footage and the demonstration system, they quickly determined the required data. "In the past, it might have taken us half a day to measure on-site, but now, with this system, we can complete it in just a minute," Jiang said.

In 2022, Shufeng village was selected as one of the first provincial-level pilot "future villages" in Zhejiang. They began using digital technology to create a sustainable rural area, and the fully automated intelligent system started assisting villagers in their daily lives and work. Subsequently, a high-tech seedling base was established in Shufeng village. Villagers could either lease their land to the base or work as employees there.

Inside the 30,000-square-meter intelligent greenhouse in the village, the Global Times encountered Li Jingquan, a villager come employee who was testing a 5G inspection robot. This intelligent greenhouse integrates various new technologies such as artificial intelligence, the Internet of Things, cloud computing, and big data. On a large display screen, the growth status of all plants and intelligent suggestions are shown. Additionally, an intelligent seedling planter is available to quickly and accurately transplant seedlings.

"With the help of this technology, the seedlings we cultivate are stronger and have a higher survival rate than before, allowing villagers who are engaged in planting to continuously increase their income and production," Li said.

By 2025, Zhejiang plans to build over a thousand "future villages" and narrow the gap between the highest and lowest per capita disposable income within the province to within 1.55, truly reducing the gap between rural and urban areas.

In Wuzhen, the villages and high-tech enterprises the Global Times reporters see are a reflection of the transformation of Zhejiang's villages under the guidance of the Green Rural Revival Program over the last 20 years.

During this period, the urban and rural areas of Wuzhen have developed in tandem, and each village has seized upon its own characteristics and embarked on its own path.

Twenty years later, when people think of Wuzhen again, they will think not only of the tourist attraction, but also of the annual World Internet Conference, theater festival, unique rural life, and attractive investment and employment prospects, which provide a vivid model for the modernization and development of more small towns.

As one of the oldest art schools in the world, the Royal Academy of Fine Arts (RAFA) in Antwerp has constantly reinvented itself since it was founded in 1663. To promote the exchange of ideas and strive for greater creativity, RAFA established an exchange program with the Central Academy of Fine Arts (CAFA) in Beijing. This year marks RAFA's 360th anniversary. To celebrate this momentous occasion, RAFA and CAFA organized a unique project.

On November 2, the first collaboration between students from both schools materialized. For this project, students from the two schools exchanged artworks and, as a result, works by students of the RAFA were shown at the CAFA Art Museum until November 12. The works by CAFA students will be displayed at RAFA from November 30 to December 8. What makes this exchange even more profound is that all these magnificent works will be preserved in the archives of both schools, creating a lasting connection between the two institutions. 

To support this great initiative, the Public Diplomacy Counsellor, Johan Van hove, attended the RAFA exhibition opening ceremony at CAFA and met its new president Lin Mao, several well-known professors from CAFA, the director of RAFA Johan Pas, and curators Peter Bosteels from Antwerp and Qiu Zhijie from Beijing. They discussed the development of cultural exchanges between both institutions and countries. 

Art knows no borders; art does not have a nationality. It is a bridge that connects two countries. Through this incredible exchange between Antwerp and Beijing, it celebrates the diversity of human creativity and the countless possibilities of even more exceptional collaborations between China and Belgium in the years to come.

In the Chinese science-fiction novel "The Three-Body Problem," Wallfacer Bill Hines and his wife develop the Mental Seal as part of his Wallfacer Project plan. The Mental Seal can directly imprint thoughts and beliefs on people's brains based on the theory of "brain quantum layer activity." 

The fictional plot is increasingly becoming a real-life possibility as the research and application of brain-computer interfaces (BCI) technology improves rapidly around the world, which not only leads to renewed hope for the treatment of many diseases, but also offers the first possibility of increased longevity of a healthy person's consciousness, and even immorality.

The rapid development of BCI technology and concerns over how it might change relationships and interactions between humans and machines has also prompted increased vigilance and caution among global authorities regarding opening the free market door to the technology as there has not yet been an approved invasive BCI product on the market globally. 

Aside from practical concerns over the various complex fields involved, potential damage to the human brain, the risk of personal information leakage, as well as ethical controversies, questions haunting the development of BCIs also expand further to metaphysical considerations like: What do BCIs mean for humanity? Would BCIs take control of human beings' brains? Would immortality become possible with BCIs and would we be still human if our bodies are merged with computers?

Rapid advancement

The BCI system refers to the creation of a new information exchange pathway between the brain and external devices. On one hand, it converts brain signals into machine-readable signals to achieve effective mechanical control. On the other hand, it converts external device signals into brain-readable signals to directly interface with the brain. From a technical perspective, the implementation of a BCI device can be invasive or non-invasive.

Wuhan-based Nuracom, in an interview with the Global Times, stated that the company's micro-needle has high reliability and stability in both mechanical and electrical characteristics, making it suitable for neural signal recording and neuron stimulation. 

On August 25, Nuracom's ultra-high-density implantable BCI system was recognized by a panel of 11 top experts in China in science and technology, including Chinese Academy of Sciences academician Zhao Jizong and Member of the Chinese Academy of Engineering Li Peigen. The expert group believes that the system is innovative, technologically advanced, has broad application prospects, is comparatively advanced in the on an international scale, and will promote the technological progress of China's brain-computer interfaces industry. 

Nearly a month later, Neuralink, a BCI technology company founded by Elon Musk, announced that it had obtained approval from the reviewing independent institutional review board and their first hospital site was ready to begin recruitment for the first-in-human clinical trial for the company's fully-implantable, wireless BCI device. 

Nuracom also said the company is conducting extensive preclinical research, including verification of product performance, safety and reliability tests, as well as extensive animal trials. 

"We are collaborating with medical institutions to conduct in-depth research on relevant diseases, improve our products through these studies, and ultimately develop a comprehensive diagnosis and treatment plan to benefit patients. We have also conducted extensive preclinical research and actively laid out clinical trials and registration of medical devices, which will lead to the introduction of clinical diagnostic and treatment products to the market," the company said in a statement to the Global Times.

Neuralink's product implants electrodes one by one through a robotic insertion method and assembles them by soldering to an external device. The product also needs to transmit neural signals out to an external circuit board for A/D conversion before sending out digital signals. 

By contrast, Nuracom's innovative on-site neural signal processing technology optimizes signal quality, improves signal decoding accuracy, and has stimulation precision. It can achieve a one-time implantation of 65,536-channel microneedles, solving the problems of the current single electrode implantation method, which is time-consuming and inefficient.

Nuracom said its BCI system not only has precise brainwave signal acquisition capabilities, but also enables reverse stimulation, providing researchers with more complex paradigms.

As leading companies enter the clinical stage, the BCI market is entering a critical period for market adoption. According to a report released by dongfangqb.com, a Chinese industry expert consulting service platform, the global BCI market was valued at $1.74 billion in 2022 and is expected to reach $3.3 billion by 2027.

The Chinese market for BCI devices is expected to have a significant amplification effect when combined with specific use cases. It is estimated that by 2040, the market size of BCI devices in China will reach 56 billion yuan ($7.66 billion), with a compound annual growth rate of 21 percent.

Among them, the research-grade device market is estimated to be 1.5 billion yuan, and the consumer-grade device market is estimated to be 54.5 billion yuan. The report predicts that the market for BCI devices in China could be valued at hundreds of billions in the future.

Broad potentials

The development of BCI technology has a history of nearly a century since the invention of the electroencephalogram (EEG) in 1924. Before Neuralink's technology debuted in the arena of public discourse in August 2020, multiple international teams had already conducted research on the application of BCIs, most of it in clinical medicine.

In 1978, American biomedical scientist William Dobelle implanted an array of 68 electrodes into the visual cortex of a blind patient, allowing the patient to perceive grayscale modulated dot matrix images within a limited field of view by connecting a camera.

In the 21st century, with the overall scientific and technological advancement, BCI technology has seen rapid growth. In 1998, American scientists implanted a BCI device into the brain of a patient who suffered a brainstem stroke, enabling the patient to control a computer cursor. In 2014, Juliano Pinto, a 28-year-old quadriplegic man, controlled an exoskeleton through a brain-computer interface and kicked the first ball of the World Cup opening ceremony in Brazil, marking a milestone in the development of brain-computer interface technology.

On August 23 this year, a new study was published in Nature demonstrating that BCIs can help restore speech for people who have lost the ability due to paralysis. The clinical trial participant - who can no longer use the muscles of her lips, tongue, larynx, and jaws to enunciate units of sound clearly - was able to generate 62 words per minute on a computer screen simply by attempting to speak. This is more than three times as fast as the previous record for assisted communication using implanted BCI devices and an approach toward the roughly 160-word-per-minute rate of natural conversation among English speakers.

BCIs technology is also used in research for the treatment of various psychological and neurological disorders. In 1997, the US Food and Drug Administration approved the first deep brain stimulation (DBS) device for the treatment of essential tremor. In 2002, the device was approved for the treatment of Parkinson's disease, the treatment of dystonia in 2003, and the treatment of epilepsy in 2018.

A switch between heaven and hell

The DBS technology is also the research foundation for the clinical research project on the use of BCI technology for treatment-resistant depression at the Ruijin Hospital, affiliated with the Shanghai Jiao Tong University School of Medicine.

The principle of DBS involves implanting electrodes into specific neural circuits in the brain to regulate corresponding neural clusters through electrical stimulation for therapeutic purposes. However, in previous experiments in the use of DBS for the treatment of depression, once the surgery was completed and the electrodes were implanted in the patient's brain, the parameters of electrical stimulation could only be adjusted externally, and the signals of brain activity could not be transmitted outwards.

In other words, the communication between the brain and the machine was one-way, explained Sun Bomin, director of the Functional Neurosurgery Center at Ruijin Hospital and initiator of the clinical study of the use of BCI treatment for treatment-resistant depression, to the Global Times.

Research conducted at the Ruijin Hospital integrates BCI devices into DBS technology, which not only allows for external parameter adjustment but also enables continuous collection and export of deep brain activity data from patients, achieving true bidirectional information exchange. These data will help doctors to study the pathogenesis of depression and improve the effectiveness of precise stimulation for patients, Sun said.
According to Sun, he and his team have made unprecedented discoveries in this clinical trial: The energy of a slow-wave frequency band in the gamma wave range in the brain is positively correlated with the symptoms of depressed patients, known as "biomarkers." This means that the patient's "good state" and "bad state" can be quantified into different waveforms. In future research, based on the performance of these "biomarkers," researchers can provide corresponding stimulation to patients to maintain a "good state", thereby achieving the desired therapeutic effect.

Data shows that using BCI technology to regulate the brain can lead to an average improvement of over 60 percent in postoperative depression symptoms, according to a report the hospital released in April.

For Wu Xiaotian, one of the volunteers in Sun's team's project, the device researchers put in his right chest is like a switch that can transport him from a "hell of depression" to a "heaven of happiness."

The device is connected to two electrodes, extending from the device to behind the ears, and then from the back of the brain to the front of the brain, passing through the nerve nuclei at the front of the brain. When the device sends electric currents and stimulates the nerves, the symptoms of depression are eased or made to disappear.

Every morning when I turn on the device, I feel like I am freed from the prison of depression, Wu said.

Some people have expressed concern that BCIs might become something akin to "spiritual opium" for these patients as they rely on the device for emotional regulation and quotidian function.

Sun dispelled such worry, explaining that "we implant BCIs in these patients to control their brains in order to cure their diseases. These recipients are patients who need such treatment. We would not implant these devices in healthy people, so there is no reason to worry."

Beyond controversies

Although Sun is seemingly clear on the aim of his research, concerns over how BCI technology might change relationships and interactions between humans and machines has prompted increased vigilance among global authorities.

It may still be too early for human beings to be able to answer questions above as it very likely would take years, even decades, before a mature implantable BCI product is available on the market, and an understanding of and discussions around the issue are also improving accordingly.

But human beings still have to seize the current opportunity to get current decisions right, experts have warned. Only as people deal with these concerns step by step, will we be able to approach a controllable future.

The impact caused by [technology] depends on its application scenarios. Therefore, it is necessary to determine the priority application areas of brain-machine interface technology that can have a beneficial impact on humans and focus on in-depth research and application, said scientists from Nuracom when asked about how to address ethical controversies surrounding brain-machine interface technology.

We believe that within the framework of law and ethics, brain-machine interfaces technology, in its application process, can reduce negative impacts and ultimately benefit humanity and society, the scientists stressed.

Some experts have urged that it is necessary to establish a sound ethical framework and moral guidelines for the behavior of brain-machine interfaces developers and users in practice, ensuring the legality and morality of the technology.

Some countries have been making such moves. In 2021, Chile became the first country to have enumerated specific brain-related rights in its constitution, establishing the rights to personal identity, free will, and mental privacy.

The 2021 yearly global cybersecurity report released by the Chinese public security authority also highlighted legal regulation of some rapidly advancing technologies such as quantum computing and BCIs.

Recently, our reporter learned from the State Grid Henan Electric Power Company that the Henan Energy Big Data Center "1+18" (an operation system incorporating one provincial-level company and 18 prefecture-level city companies) has been fully established. The center's 11 standard functions and 50 optional functions are all open to provincial and municipal units. Based on this, the data service scenarios and products will support the scientific, precise and efficient development of power supply, energy transformation, and economic development in the province.

In 2020, according to the entrustment construction agreement signed with Henan Provincial Development and Reform Commission, State Grid Henan Electric Power Company took the lead in building and operating the provincial-level energy big data center in the State Grid Corporation of China, and also actively promoted the cooperation of city-power supply companies with the local government. Over the past two years, all 18 city-power supply companies have obtained authorization from local government departments for the construction of energy big data centers.

To continuously release the value of data and meet the needs of data application services for users of all levels, the State Grid Henan Electric Power Company actively promoted the construction and operation of the "prefecture-level standard application" of the Henan Energy Big Data Center. Adopting a unified technical route, it has successively completed the launch of core functions such as "electric power overview, new energy monitoring and analysis, carbon emission monitoring and analysis, economic analysis, rural revitalization" and other core functions in 18 prefecture-level city-energy big data centers. This was also standardized and unified at the provincial and municipal levels, meeting the daily development, construction and application needs of power big data in various cities.

"This low-cost input and high-efficiency output energy big data center construction, operation and promotion model has reduced the input of local platform construction by more than 90%," said a relevant person in charge of the Digital Department of the State Grid Henan Electric Power Company.

With the goal of further improving the efficiency and quality of the integrated construction and operation of the Henan Energy Big Data Center, the State Grid Henan Electric Power Company has reconstructed the "prefecture-level standard application". This provides a more powerful foundation platform for the development and construction of customized functions and applications for prefecture-level city power supply companies, that better utilizes power data products to serve social scientific governance,promote energy supply security and low-carbon development. (Chenhao Songdawei)

Germany has shown a growing interest in strengthening economic ties with Southeast Asia. It is crucial that this cooperation is based on mutual benefits and win-win outcomes, rather than being driven by political agendas that could lead to a split of supply and industrial chains connected to China.

German Chancellor Olaf Scholz met with leaders of Malaysia, the Philippines and Thailand last week, a development that some German media outlets claimed represents the German government's aim to diversify trade relations in Asia and become less dependent on China.

For instance, the Chinese website of German publication Deutsche Welle published an article on Friday headlined "Scholz's speed dates: Looking for Southeast Asian partners to replace China?"

While topics like Southeast Asia replacing China may be attention-grabbing, given some Western politicians' pursuit of so-called de-risking, it is irresponsible to play up such a topic when it lacks much practical basis.

Anyone who is familiar with China-Germany trade data will understand how far-fetched the topic is. Despite various geopolitical headwinds in recent years, China remains Germany's most important trading partner, and bilateral trade far exceeds Germany's trade with the three Southeast Asian countries. 

In 2023, Germany's trade in goods with the three Southeast Asian countries totaled a mere 38 billion euros ($41.4 billion), while bilateral trade between China and Germany reached 299 billion euros in 2022 and 253 billion in 2023.

The Asian industrial chain is a complete one, with all countries in the region depending on each other and promoting each other's development. China and Southeast Asia have long shared a mutually beneficial relationship, and both sides are willing to push economic and trade cooperation to a higher level. With the implementation of the Belt and Road Initiative and the Regional Comprehensive Economic Partnership, industrial chains in China and ASEAN are expected to be further integrated.

It is true that in recent years, with rising labor costs in China, some labor-intensive manufacturing industries have shifted to some Southeast Asian countries, but many of those shifts are the results of China's industrial chains being extended due to various factors. 

The rise of Chinese exports of intermediate products and machinery equipment to ASEAN demonstrates the extension of industrial chains. The shift is in line with the general direction of accelerating industrial upgrading and transformation in China, and it also contributes to the prosperous development of Southeast Asia. It helps Chinese companies by reducing the pressure of rising domestic labor costs and growing trade protectionism against China. 

The China-Association of Southeast Asian Nations Free Trade Area (CAFTA) took effect many years ago and contributed greatly to the liberalization and facilitation of trade among the 11 countries that signed it. 

China still aims to upgrade the liberalization of trade and investment with ASEAN and is trying to work with ASEAN to conclude negotiations for version 3.0 of the CAFTA as soon as possible, according to the Xinhua News Agency. 

Apparently, ASEAN is in the process of trade integration and mutual development with various countries and regions. ASEAN's deepening trade cooperation with any country will only bring more cooperation potential for China, instead of substituting for it. 

For instance, Germany - which has not signed a free trade agreement with China - could enjoy market dividends in China through some Southeast Asian countries, while China could make use of its partnership with ASEAN countries when it comes to entering the EU market.

During the rise of Asian economies, the emphasis should always be on how to expand the space for cooperation and promote integration, instead of pursuing narrow-minded replacement, which will only lead to vicious competition and more conflict. No country can completely replace another in the global industrial chain.

It is a positive development if Germany is genuinely committed to enhancing cooperation with Southeast Asian countries. This collaboration can act as a stepping stone, rather than a replacement, for Germany's partnership with China, potentially opening up more opportunities and prospects for the prosperity and development of Asia. It would be self-defeating if one aims at driving a wedge between China and ASEAN.

China is actively taking measures to stabilize its real estate market, the National Financial Regulatory Administration (NFRA) said on Wednesday, as it emphasized the need to promote a virtuous cycle between the financial sector and the housing market.

With nationwide property industry meetings, China is pushing to promote the country's challenged housing market.

During the NFRA's meeting on Wednesday, the administration stressed the need to implement city-level real estate financing coordination mechanisms and enhance the efficiency of the new white list mechanism, to meet the financing needs of real estate enterprises.

It is part of the administration's latest effort to support the housing market. Li Yunze, head of the NFRA, told reporters on Monday that the administration will continue to aid the economy's recovery and improvement, which will include reducing the interest rates on existing first-home loans to reduce buyers' interest expenses.

In another move, the Shanghai Real Estate Trade Association held a meeting attended by major property developers.

The meeting, held on March 7, saw participation by 11 companies, including China Poly Group, China Resources, China Railway Construction Corp and Shanghai Baohua Group. According to the association's WeChat account, attending companies reached a consensus that Shanghai's real estate market is still undergoing adjustments and participants called for more policy adjustments.

The real estate market often sees a surge in March and April. However, such trends are not evident this year, indicating ongoing adjustments in the market, Hui Jianqiang, a veteran industry analyst, told the Global Times on Wednesday.

Despite an increase in inquiries after the Spring Festival holidays, Shanghai's real estate companies reported low transactions.

Companies have put forth several policy suggestions, calling for improvements in purchase restrictions, land auctions and refining the supervision of pre-sale funds.

In a bid to revitalize the real estate sector, discussions similar to those in Shanghai have taken place across various regions, including Heze in East China's Shandong Province, Hefei in East China's Anhui Province and Wuhan in Central China's Hubei Province.

Recent measures in first-tier cities - Beijing, Shanghai, Guangzhou and Shenzhen - have relaxed purchase restrictions, but these are seen more as a loosening of earlier constraints rather than incentives to boost the market, resulting in limited effects, Hui explained.

Despite downward pressure, there are signs of stabilization in China's real estate market. Data from the National Bureau of Statistics showed a 0.3 percent month-on-month decrease in new home prices in first-tier cities in January, narrowing 0.1 percentage point from December.

The future of real estate sales in first-tier cities heavily relies on policy easing to stimulate the market, Hui stated. He believes that further relaxation of policies could attract external capital to Shanghai's real estate market, potentially outperforming last year's performance.

Local homebuyers in Shanghai are adopting a wait-and-see approach, a resident surnamed Zhang told the Global Times that the market has stabilized but there's no sign of a rapid upturn anytime soon.

Prices for secondhand homes have returned to levels seen in 2019 and 2020, while new home prices are influenced by purchase policies.

"My colleagues from outside Shanghai who have yet to buy a home remain on the sidelines… and do not feel rushed to make a purchase," Zhang added.

Since 2012, China has witnessed an extraordinary economic transition, with historic achievements in all aspects of the economy from its size to quality. Such an unparalleled feat does not just happen, especially during a tumultuous period in the global geo-economic landscape and a tough phase in China's economic transformation and upgrading process. It was Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era that guided the country in overcoming various risks and challenges, and in keeping the China economic miracle alive.

As China embarked on the quest to become a great modern socialist country amid global changes unseen in a century, Xi's economic thought has been and will continue to be the guiding principle for development in China for years to come, and have great significance for the world. What is Xi's economic thought? What does it mean for China and the world?

To answer these questions, the Global Times has launched this special coverage on Xi's major economic speeches and policies, and how they are put into practice to boost development in China and around the world.
This year's two sessions - China's annual legislative and political consultative sessions - officially concluded on Monday, after national lawmakers and political advisers spent a week or so, on mapping the country's social and economic development blueprint for 2024 and beyond.

Often described as one of the most important political events, the two sessions, during which a slew of development goals are determined, offer a critical window for the world to view the latest economic trends and policy priorities in the world's second-largest economy.

More importantly, Chinese President Xi Jinping's agenda and major speeches during the two sessions provide the most crucial insights into the development path of the Chinese economy.

During this year's two sessions, Xi participated in three deliberations or group discussions with national lawmakers and political advisers, during which he also delivered important speeches. And a key theme emerged from these meetings and speeches: The Chinese top leader has put new quality productive forces front and center in China's economic agenda in 2024 and for many years to come.

As a relatively new concept that was first put forward by Xi during an inspection tour of Northeast China's Heilongjiang Province in September 2023, new quality productive forces has become a key phrase in China's political lexicon in recent months. Xi's emphasis on the phrase further highlighted its significance in China's economic policymaking and China's future development paths, as officials across the country have and will continue to roll out measures to boost innovation and generate new productive forces.

China's pursuit of new quality productive forces, which place the main focus on innovation and technological self-reliance, comes as China's economy faces a profound transformation from old growth drivers to sustainable ones, and as the global geo-economic situation has grown increasingly complex - characterized by the US' relentless technological crackdowns and growing protectionism. Therefore, developing new quality productive forces is critical for China's sustainable, high-quality development, Chinese lawmakers, political advisers, and economists said.

Top leader's focus at two sessions

During each year's two sessions, Xi often visits and holds meetings with national lawmakers and political advisors, and delivers major speeches on key national issues. This year, the Chinese president made three such visits, in line with the number made during the two sessions in 2023.

On the afternoon of March 5, Xi participated in a deliberation with fellow lawmakers from East China's Jiangsu Province during the second session of the 14th National People's Congress (NPC), China's national legislature.

Xi called for focusing on high-quality development as a top priority, urging efforts to step up innovation, foster emerging industries, adopt forward-thinking plans to develop future-oriented industries, and improve the modernized industrial system. He stressed the development of new quality productive forces according to local conditions, according to the Xinhua News Agency.

The top leader also made remarks about developing new quality productive forces or related issues such as technological innovation at the other two such deliberations he participated in.

On March 6, Xi participated in a joint group meeting during the second session of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC), the top political advisory body. Xi called on political advisors and all people in the science and technology sector to strengthen basic research and apply basic research, strive to achieve breakthroughs in core technologies in key fields, and create new drivers to develop new quality productive forces.

Then on March 7, Xi attended a plenary meeting of the delegation of the People's Liberation Army and the People's Armed Police Force at the second session of the NPC. He stressed deepening reform to comprehensively enhance strategic capabilities in emerging areas. He also said that China's drive to accelerate the development of new quality productive forces has provided rare opportunities for the development of strategic capabilities in emerging areas.

The successive remarks about the new quality productive forces on three different occasions accentuated the top leader's focus on the issue and its importance in China's economic development, not just this year but in the years to come, national lawmakers, political advisers, and experts said. "The concept offers guidance for our country to take advantage of the historical opportunity of a new round of technological upgrade and aims to develop strategic emerging industries and future industries," Guo said.

Developing new quality productive forces is a decisive step in the economy's high-quality development course, Guo Guoping, an NPC deputy and a vice director of the Key Laboratory of Quantum Information of the Chinese Academy of Sciences, told the Global Times.

New quality productive forces refers to innovation-led, advanced productivity that is freed from traditional economic growth mode and productivity development paths, is high-tech, high efficiency and high quality, and is in line with the new development philosophy, Xi said during a group study session of the Political Bureau of the Communist Party of China (CPC) Central Committee in February, stressing that developing new quality productive forces is an endogenous requirement and a pivot of high-quality development.
From concept to action

Thanks to the top leader's focus, while the concept of new quality productive forces has only been around for a few months, it has been rising rapidly in China's political and social lexicon and has become a buzzword across the country. More importantly, it has already been put into action in China's economic policymaking.

The Central Economic Work Conference in December 2023, which set top economic policy priorities for 2024, also heightened the development of new quality productive forces. New quality productive forces also became the subject of the first group study session held by the Political Bureau of the CPC Central Committee this year, according to Xinhua.

This year's Government Work Report also highlighted efforts to develop new quality productive forces. According to the report, China will strive to modernize its industrial system and develop new quality productive forces at a faster pace. It also said that China will step up research on disruptive and frontier technologies, and will launch an AI Plus initiative.

The top leader's emphasis on new quality productive forces was echoed throughout the two sessions, where lawmakers and political advisers enthusiastically talked about the concept and vowed to make great efforts in developing new quality development.

Shan Zenghai, an NPC deputy and chief engineer of Chinese construction equipment giant Xuzhou Construction Machinery Group (XCMG), who participated in the deliberation of the Jiangsu delegation on March 5, said he was inspired by the top leader's remarks on new quality productive forces.

"The encouragement from top leadership greatly boosted our confidence in sticking to innovation-driven growth, bolstering the real economy and promoting high-quality development," Shan told the Global Times.

Zhou Bin, another NPC deputy from Yancheng, Jiangsu, who also attended the deliberation, told the Global Times that Xi's important remarks on new quality productive forces have offered scientific guidance for opening up new development tracks and shaping new development momentum.

Many officials vowed to take concrete actions to develop new quality development forces. Wu Qingwen, an NPC deputy and mayor of Suzhou, Jiangsu, said the city has the foundation, the condition, and the responsibility to take a lead in developing new quality productive forces, vowing to step up scientific and technological (sci-tech) innovation and bolster the city's high-end equipment, biomedicine, new energy industries among others, and create "new engines" such as artificial intelligence (AI).

Solid progress, great potential

When it comes to sci-tech innovation and the development of new growth drivers, China has already made great strides, thanks to the focus and support from the top leadership, national lawmakers, political advisers, and experts said.

Despite various challenges, including the US' relentless crackdown campaign, China has already become an innovation power. According to the World Intellectual Property Organization (WIPO) on Thursday, China remained the leader in international patent applications, followed by the US, Japan, South Korea, and Germany.

At the end of 2023, the number of high-value invention patents held on the Chinese mainland had exceeded 1.66 million, an increase of 25.7 percent year-on-year, and the number of effective high-value invention patents acquired in strategic emerging industries had reached 1.17 million, accounting for 70 percent of the total, according to Xinhua.

Also highlighting the steady progress in and importance of forming new growth drivers is the fact that the shift in China's three most popular exports. In the past, the three most popular items China exported were clothes, furniture, and home alliances, which were relatively low-value and labor-intensive; however, new-energy vehicles, solar batteries, and lithium-ion batteries have become China's tech-intensive and green "new three," with a combined export value of 1.06 trillion yuan ($150 billion) in 2023, jumping 29.9 percent year-on-year.

Moving forward, the development of new quality productive forces has great potential in China, as its huge marketplace ensures full testing, application, and evolution of new technologies and new business models, Xu Jiuping, a professor at Sichuan University and a member of the National Committee of the 14th CPPCC, told the Global Times, pointing to the support of national innovation policies.

Underscoring such policy support, the central government has pledged to allocate 370.8 billion yuan ($51.51 billion) for science and technology in 2024, an increase of 10 percent, with a focus on basic research, applied basic research, and national strategic tasks in science and technology, according to the budget adopted at the two sessions.

Liu Donghao, the founder of Guizhou Big Data Protection Engineering Security Research Center, died on March 5, the company confirmed through their WeChat account on Saturday. 

Liu also served as the secretary-general of the board and the CEO of Big Data Protection Engineering Security Research Center (Guizhou) Co.

The center was established in November 2017, and was a collaborative project initiated by the Guiyang city government and Alibaba Group, focusing on advanced research and development in data security, aiming to pioneer new governance models and industrial practices.

Since 2017, Guizhou has been actively exploring and practicing data security measures. The establishment of the center was a significant step in this endeavor. 

Against the backdrop, the center was tasked with conducting Data Security Capability Maturity Model (DSMM) pilot compliance assessments and fostering the data security industry, in line with Guizhou Province's adoption of the national standard cooperation model for DSMM, CRI Online reported in May of 2023.

The center led by Liu, has developed a comprehensive system called DSMM for assessing data security capabilities across industries, which can identify weaknesses and offer strategic solutions through consultation, certification, and training. By focusing on prevention and addressing existing issues, it aims to enhance overall industry security and risk management.

In 2021, the center introduced a pioneering data security governance framework and industry development system based on DSMM principles, national standards, regulations, and assessment methods. This initiative, centered the DSMM national standard, shapes data security governance practices in Guizhou.

Liu stated that the "Guizhou practice" has now been widely implemented across China, setting a model for cities and provinces such as Sichuan, Tianjin, Jiangsu and Chongqing, spanning industries of telecommunications, taxation, government affairs, and manufacturing. This initiative effectively exports the DSMM national standard, driving the industrialization and scaling of national data security standards.

Guizhou has become one of the regions with the largest number of ultra-large data centers in the world, and the growth rate of digital economy has ranked first in China for several years in a row.

The province's growth rate of digital economy has ranked first among Chinese provinces for seven consecutive years, with its added value accounting for about 37 percent of last year's GDP, according to Guizhou Daily.

The provincial government vowed to focus on AI to develop new quality productive forces, aiming to build an internationally competitive computing base in 2024, Jing Yaping, director of the Guizhou Big Data Development Administration said during this year`s National People's Congress, according to chinanews.com.cn.

China's merchandise trade in the first two months of 2024 hit a record high of 6.61 trillion yuan ($918.3 billion), up 8.7 percent year-on-year, the General Administration of Customs (GAC) announced on Thursday, beating forecasts and signaling a good start to the new year. 

Experts said that exports had gained growth momentum, thanks to expanding demand and rising product competitiveness. In the longer term, China's foreign trade will show stable and positive expansion, supporting the GDP growth target of about 5 percent.

Exports in the first two months rose 10.3 percent to 3.75 trillion yuan, and imports were up 6.7 percent to 2.86 trillion yuan.

"Foreign trade saw a better-than-expected performance in the January-February period, mirroring the resilience of the country's economy with expanding domestic and external demand," Tian Yun, an economist based in Beijing, told the Global Times on Thursday.

ASEAN remained China's largest trading partner, with bilateral trade totaling 993.24 billion yuan, up 8.1 percent year-on-year and accounting for 15 percent of China's total trade.

The EU was China's second-largest trading partner, with bilateral trade of 832.39 billion yuan, down by 1.3 percent. The US was No.3, with trade up 3.7 percent to 707.7 billion yuan.

In the first two months, trade with Belt and Road Initiative partner countries reached 3.13 trillion yuan, up 9 percent. 

Zhou Maohua, an economist from China Everbright Bank, said on Thursday that the record trade figures reflected the recovery of overseas demand, the optimization of the export structure and a boom in new export drivers. 

Electromechanical products accounted for nearly 60 percent of Chinese exports, with automatic data processing equipment, integrated circuits and automobiles showing significant growth, the GAC said.

Exports of automatic data processing equipment reached 195.45 billion yuan, up 7.3 percent, while exports of integrated circuits soared 28.6 percent and those of vehicles increased 15.8 percent.

"The figures mirrored China's continuous industrial upgrading and showed that the competitiveness of its high-tech products and equipment manufacturing industry in the world was increasing," Tian noted.

Conditions were also favorable for trade by private enterprises. Their total trade stood at  3.61 trillion yuan, up 17.7 percent, accounting for 54.6 percent of the total - an increase of 4.2 percentage points from the same period last year.

"Growth in exports led to an increase in domestic production, while the increase in imports reflected strong domestic demand, both of which will help drive the country's GDP growth in the first quarter this year," Wang Peng, an associate research fellow at the Beijing Academy of Social Sciences, told the Global Times on Thursday. 

The Government Work Report, delivered by Chinese Premier Li Qiang on Tuesday at the opening meeting of the second session of the 14th National People's Congress, set a GDP growth target of about 5 percent for 2024.

The government vowed to work to steadily increase the volume and raise the quality of foreign trade, with efforts including supporting businesses in diversifying their overseas markets and increasing new growth drivers for foreign trade, including trade in intermediate goods and green trade.

Tian noted that boosted by support policies, foreign trade will maintain moderately positive growth throughout the whole year with an expansion of 3-5 percent. 

"China's foreign trade is expected to hit a record high this year, contributing more to the realization of the country's GDP growth target," Tian said.

China on Tuesday set a growth target of around 5 percent for its economy in 2024, a "forward-looking and pragmatic" goal which deputies and economists said sends strong signals that the world's second-largest economy will sustain its firm recovery momentum this year despite rising headwinds, while putting more emphasis on ensuring economic stability and transforming growth models.

Although achieving the growth target will not be an easy task given the sheer size of the Chinese economy and a grim global environment, Chinese officials have voiced strong confidence that the economy will likely meet or even hit over the target, underpinned by the country's indigenous economic vigor as well as Chinese top policymakers' strategic focus and rich toolbox at hands.

The highly anticipated economic agenda also offers a timely rebuttal to Western doomsayers who have recently been sparing no efforts to disparage the Chinese economy. A 5-percent GDP expansion this year would make China still one of the fastest-growing major economies, raising global expectation that the country would continue serving as both a stabilizer and a locomotive for the world.

Strong confidence

The around 5-percent GDP target, along with a series of other key economic goals, was released in the Government Work Report delivered by Premier Li Qiang on Tuesday to the second session of the 14th National People's Congress (NPC).

The GDP goal is similar to last year's and is in line with market expectation, which observers said mirrors the country's work priority to maintain policy consistence and economic stability.

In setting the growth rate, Chinese policymakers have taken into account the need to boost employment and income, and prevent and defuse risks. This growth rate is well aligned with the objectives of the 14th Five-Year Plan (2021-25) and the goal of basically realizing modernization. It also takes account of the potential for growth and the conditions supporting growth and reflects the requirement to pursue progress and strive to deliver, according to Government Work Report. 

While acknowledging that achieving this year's targets will not be easy, Li pledged that the country will "maintain policy focus, work harder, and mobilize the concerted efforts of all sides."

"The GDP goal is very forward-looking and inspiring. In the Government Work Report, Chinese policymakers do not refrain from walking through this year's challenges and downward pressures, and they showed strong confidence and capacity to tackling with them head on," Pan Biling, a member of the National Committee of the Chinese People's Political Consultative Conference (CPPCC) and the president of Xiangtan University, told the Global Times on Tuesday. 

Tian Yun, a veteran economist based in Beijing, told the Global Times on Tuesday that the target also underscores Chinese authorities' "bottom-line" thinking strategy, based on a sober assessment of a worst-case scenario. 

"Without a certain modest level of GDP expansion, it would be very difficult to shore up the real economy, maintain the sound development of capital market, and lift up social expectation," he explained. "And an abrupt slowdown could fuel social uncertainties and financial risks."

Observers said a 5-percent GDP growth aligns with the long-term development goals laid out by the 14th Five-Year Plan (2021-25) and the Long-Range Objectives through 2035, which stated that the country's GDP should double by 2035, compared with its 2020 level. It also provides a necessary condition for China to achieve its goal of "creating over 12 million new urban jobs" in 2024 listed in the Government Work Report.

According to Tian, if the Chinese economy grows by 5 percent or above this year, it will still be one of the fastest among major economies. 

A growth rate of around 5 percent would also be faster than IMF's projected global growth rate of 3.1 percent or the forecast of 1.5 percent for advanced economies and 4.1 percent for emerging market and developing economies. The IMF, in its latest World Economic Outlook report released in January, projected that China's GDP will grow by 4.6 percent in 2024

"China's net contribution to the global economy is poised to be larger than previous decades, taking account of the high base," Tian said. Observers estimated that the Chinese economy will contribute around 30 percent to 35 percent to global growth this year.

Han Baojiang, a member of the National Committee of CPPCC and a professor at Party School of the Central Committee of the Communist Party of China, told the Global Times that setting GDP goal is also a "timely, clear" response to certain pessimistic voices on Chinese economy, especially from the international society.

"The positivity released by the economic work is clearly in contrast with Western smears against the Chinese economy. And those doomsayers don't understand the vigor and potential of an economy whose modernization involves 1.4 billion people," Han said. 

Transforming growth model

Deputies and political advisors told the Global Times that there is a slew of new policy insights from this year's Government Work Report. "I could see a spirit of reform and innovation in the economic roadmap," Pan said. 

According to the report, China will move faster to create a new pattern of development, and promote high-quality development. The report highlighted 10 major tasks this year and "striving to modernize the industrial system and developing new quality productive forces at a faster pace" was listed at the foremost.

"New quality productive forces are a pioneering concept proposed by Chinese top leaders last year. As the Chinese economy is undergoing a period of structure transition, the creation of such drives will play an outsized impact not only in guiding economic progress, but also in shaping the global tech landscape," Han said, while highlighting China's whole-nation systematic advantage in gearing up such new drives. 

Chen Fengying, an economist and former director of the Institute of World Economic Studies at the China Institutes of Contemporary International Relations, told the Global Times on Tuesday that drawing upon the wording from the Government Work Report, she expects to see Chinese government's "broader efforts" in innovation, reform and opening-up.

"The international environment remains complex amid a year fraught with presidential elections. Meanwhile, the US has been taking aim at China's tech industry with its so-called 'small yard, high fence' approach. Internally, the Chinese economy also faces an array of hindrances, including weak market confidence and property market downturn that could weigh on the development prospect," Chen said. She noted that it is crucial that China deepens reforms, especially in driving internal demands, to sustain a full-fledged economic recovery. 

The Government Work Report also presaged more fiscal stimulus to shore up the economy this year, according to economists. 

China's deficit-to-GDP ratio is set at 3 percent this year, and the government deficit is set at 4.06 trillion yuan, an increase of 180 billion yuan over the 2023 budget figure.

"We should appropriately enhance the intensity of our proactive fiscal policy and improve its quality and effectiveness," Li said. He also proposed that 1 trillion yuan ultra-long special treasury bonds will likely be issued in 2024, and such bonds will also be issued over each of the next several years.

"It is a good time to scale up the issuance of special treasury bonds, as the borrowing cost will inch lower in the coming months, and as China's inflation is relatively low," Tian said, adding that China still has sufficient room for more fiscal and monetary policy maneuver this year. 

Observers said if the potential of all available resources and other elements are fully utilized, China could realize a GDP growth rate of between 5 percent and 6 percent this year, landing well above the 5-percent goal.

China's overall economic recovery and growth were boosted in 2023, according to Li. Its GDP surpassed 126 trillion yuan last year, an increase of 5.2 percent, ranking China among the fastest-growing major economies in the world.