上海花千坊爱上海app

China on Friday initiated dispute settlement proceedings against the EU's provisional anti-subsidy measures against Chinese electric vehicles (EVs) at the WTO to safeguard the interests of its EV industry's development and global green transition cooperation, China's Ministry of Commerce (MOFCOM) said on Friday.

Experts said that the move suggests that China has legitimately resorted to the multilateral mechanism to address the China-EU dispute over provisional tariffs on China-made electric cars. Mediation through the WTO could lead to some new changes in discussion mechanisms within the bloc, they noted.

Industry insiders also urged the EU to face up to healthy competition with China in the EV sector and ramp up green cooperation, in order to maintain the stable development of bilateral economic and trade ties as well as jointly address climate change.

According to the MOFCOM official website, the ministry noted that the findings in the EU's preliminary ruling lack factual and legal basis, seriously violate WTO rules, and jeopardize the overall situation of global cooperation in addressing climate change.

We urge the EU to immediately rectify its wrong practices and jointly safeguard China-EU economic and trade cooperation and the stability of the EV industry and supply chains, said the ministry.

"The MOFCOM's move is a legitimate response by China to the EU's investigation and subsequent decision to impose provisional tariffs on Chinese EVs against WTO rules. It also shows that China uses the multilateral platform to resolve bilateral trade disputes, which will help keep the bilateral economic and trade relations on track," Jian Junbo, deputy director of the Center for China-Europe Relations at Fudan University's Institute of International Studies, told the Global Times on Friday.

Jian noted that China is taking diversified approaches to addressing the issue, in order to avoid bringing things to an impasse.

"Mediation through the WTO indicates China's desire to resolve the dispute started by the EU through talks and minimize its harm to car companies in both countries, as the cooperation between Chinese and European carmakers has become inextricably intertwined," Zhang Xiang, secretary general of the International Intelligent Vehicle Engineering Association, told the Global Times on Friday.

China's move comes after a Financial Times report on Monday said that Valdis Dombrovskis, the European commissioner for trade, said EU member states are likely to support the imposition of proposed tariffs on Chinese EVs in November.

Experts noted that Dombrovskis' remarks also sent a signal that the EU is encountering some difficulties in pressuring certain members to formulate a united supporting stance on additional tariffs on Chinese EVs, as the interests of some member countries, such as major auto producer Germany, and Hungary, which is a major recipient of Chinese investment including from BYD, apparently stand in contrast to EU tariff hikes.

"The MOFCOM's action may have some impact on the EU's consideration on whether to impose the proposed tariff rates in November. Taking the issue to the multilateral platform for mediation may stimulate different ideas among different EU member states, which may lead to new mechanisms for discussion within the bloc," Jian said.

Cui Dongshu, secretary-general of the China Passenger Car Association (CPCA), said that the EU's unreasonable tariff measures against China's EVs are mainly aimed at curbing the development of Chinese electric carmakers in the EU, so as to protect its backward industry, which has subjected Chinese EV enterprises to unfair treatment.

The EU is coming under increasing pressure from the US government and has rolled out policies to curb the development of China's new-energy vehicle industry. However, the EU should know that scrapping the provisional tariffs is of great benefit to China-Europe trade cooperation, Zhang noted.

"The entry of Chinese EVs into the European market can help further accelerate the electrification process of the auto industry in Europe and make its industrial layout more optimized. At least Chinese EVs give European consumers more choice," said Cui.

"The EU should see that trade protectionism does not help competition in Europe's auto industry, and win-win cooperation is the right way to go," Jian noted.

He Yongqian, a spokesperson from MOFCOM, said in July that the ministry hopes the EU will face the fact that the competitive advantages of Chinese EVs do not come from subsidies, that China-EU industrial cooperation in the auto sector is beneficial for shared development, and that the EU's industry opposes trade protectionist measures. "We hope the EU will make reasonable, objective decisions that are truly based on facts and rules," He noted.

Despite rising protectionist pressure from some Western countries, China's NEV sector saw a good performance in its sales and exports in July.

Retail sales of NEVs rose 36.9 percent year-on-year to 878,000 units in July, according to statistics released by the CPCA on Thursday. China's domestic sales of new-energy passenger cars surpassed those of gasoline-powered cars for the first time that month, showcasing the resilient growth momentum of the NEV industry and strongly refuting allegations of so-called overcapacity.

In July, China's NEV exports reached 92,000 units, up 1.3 percent year-on-year. Tesla exported 27,890 China-made NEVs in the same month, a significant increase from the June figure of 11,746, which highlighted the strength of China's NEV supply chain and its role in enhancing the global competitiveness of foreign brands.

The US Department of Commerce has launched anti-dumping and countervailing investigations into certain tungsten shot sourced from China, according the website of China Trade Remedies Information on Thursday, in the latest example of Washington's intensifying protectionism.

The investigations were initiated Wednesday at the request of Tungsten Parts Wyoming Inc, and the US International Trade Commission (ITC) is expected to make preliminary determinations by August 26, the US Department of Commerce said in an announcement. 

In 2023, China exported more than 5.9 million kilograms of tungsten shot to the US, worth about $10.88 million, according to the announcement. 

According to a post by US-based law firm Harris Sliwoski LLP, Tungsten Parts Wyoming Inc only began production in 2023, and instead of arguing that the Chinese imports have injured or threaten to injure them, the petitioner is asking ITC and the US Department of Commerce to find that the establishment of the US industry has been "materially retarded" by "unfair" Chinese imports.

This is only one of the latest anti-dumping or countervailing probes the US has launched against Chinese products. 

On Monday, the US Department of Commerce announced anti-dumping tariffs between 21.77 percent and 218.15 percent on more than a dozen Chinese companies for exports of glass wine bottles to the US. The preliminary ruling followed an anti-dumping investigation into glass wine bottles from China, Chile and Mexico, according to the China Trade Remedies Information website. 

While these cases are relatively small compared to the US' arbitrary tariffs and even outright bans against Chinese products, they reflect Washington's relentless protectionism, which continues to threat not just trade with China but global trade as a whole. 

Highlighting growing concern over the impact of the US' growing protectionism, some companies are reportedly bringing orders forward over concerns of growing trade tension. 

Citing Vincent Clerc, chief executive of AP Møller-Maersk, the world's second-largest container shipping company, the Financial Times reported on Wednesday that retailers and manufacturers are bringing orders forward amid fears of intensifying trade tensions between China and the US, which could further disrupt global supply chains. 

Meanwhile, the US government's arbitrary tariffs levies on a range of Chinese products have encountered strong opposition within the US, due to the massive costs the tariffs inflict on US companies. 

The US Trade Representative's Office announced on July 30 that some of the US' hefty additional tariffs imposed on a long list of Chinese products, including electric vehicles and batteries, computer chips and medical products, will be delayed by at least two weeks.

Many US businesses and executives have criticized the move, including Elon Musk who said that "neither Tesla nor I asked for these tariffs." Experts said that the firm opposition from US businesses may be behind the US' government's delay of the tariffs. 

Summertime scorching heat has made indoor ice and snow activities a popular choice for the public in China. 

China-based online tourism platforms witnessed a surge in user searches and bookings. Industry observers say the trend indicates how an economic recovery is reshaping consumer spending habits.

As of the end of July, online searches for skiing events on Trip.com, a China-based online travel platform, shot up by 89 percent month-to-month. Indoor skiing-related booking rose by 70 percent month-on-month, while ticket orders for related attractions increased by 41 percent month-on-month, a representative from Trip.com told the Global Times on Wednesday.

Another China-based e-commerce platform Meituan told the Global Times that searches for "indoor ski resorts" increased by 161 percent year-on-year during the first two weeks of July, while ski bookings rose by about 25 percent month-on-month.

Preparing for the 2024-2025 ski season, Chunqiu Travel Agency announced a presale on July 24, and the sales exceeded one million yuan ($139,250) within two hours, the agency said.

During this year's summer holidays, "off-season skiing" has become a popular pastime for people in southern China to beat the summer heat.

Ticket sales in Window of the World-Alps Ice and Snow World from Shenzhen, South China's Guangdong Province, also China's first indoor ski resort, increased four to five times in July from June, and orders for indoor ice and snow activities have also risen significantly, a manager from the Window of the World-Alps Ice and Snow World told the Global Times on Wednesday.

He said that numerous tourists from Hong Kong had come for indoor skiing, and they mentioned that summer indoor skiing helped them practice their basic skills, preparing them for outdoor skiing in winter.

"From early July, we have received over 1,000 indoor skiing visitors on week day, with numbers rising to between 2,000 and 3,000 on weekends. In contrast, daily visitors from March to May were only few hundreds," Bai Yupeng, the foreman From Window of the World-Alps Ice and Snow World told the Global Times on Wednesday.

The growing demand for indoor ice and snow sports has prompted businessmen in southern China to invest in related projects, insiders told the Global Times.

Shanghai Yaoxue Ice and Snow Word announced on July 26 about its completion and noted that the tickets will be available starting August 8 on the official WeChat mini-program, and from midnight on August 9 on the Trip.com.

Four-hour tickets are priced at between 420 yuan ($58.49) and 780 yuan, while four-hour free-play are priced at between 220 yuan to 400 yuan, according to information sent from Trip.com to the Global Times on Wednesday.

In recent years, the popularity of the Winter Olympics and winter sporting events has boosted the development of summer indoor ice and snow sports, Yang Yong, the director of the Department of Tourism Management in the East China Normal University told the Global Times on Wednesday.

"Previously, sightseeing was the dominant summertime activity, but now tourism-induced consumption has expanded significantly," Yang added, noting that the diversification of tourism consumption is an inevitable trend.

China's private Caixin Service Purchasing Managers' Index (PMI) rose to 52.1 in July, up 0.9 points from June, reflecting faster expansion in the services sector, according to data released on Monday.

A reading above 50 indicates expansion, while a reading beneath 50 points to contraction.

The services industry is experiencing a rapid increase in new orders, leading to a rise in employment. This has resulted in a resurgence of optimism among enterprises, according to the Caixin survey.

According to the sub-index, the expansion speed of both supply and demand in the services sector accelerated in July, with both sub-indexes rebounding into the expansion zone.

The employment situation in the services sector also improved in July to the highest level since September 2023. Surveyed companies said they have increased manpower, mainly to cope with new businesses. 

Business optimism also rebounded in the month, with companies in the services sector hoping for improvements in market conditions and business development to drive growth in their operations.

The Caixin Service PMI reading followed the Caixin Manufacturing PMI, which dropped to 49.8 in July, down 2 points from a month earlier.

China's official manufacturing PMI came in at 49.4 in July, slightly down 0.1 point from June, according to data from the National Bureau of Statistics. The business activity index for the services sector dropped by 0.2 points to 50.0 in July.

Wang Zhe, a senior economist at Caixin, said in a statement on Monday that the business climate in the services sector improved in July, while the manufacturing sector remained under pressure.

In order to boost market confidence and address insufficient domestic demand, it is crucial to implement policy stimulus measures and ensure that existing policies are effectively in place, Wang said.

Stimulating consumption is a key focus for maintaining stable growth in the second half of the year. Two main directions to consider are increasing personal incomes through various channels and expanding services consumption, Wu Chaoming, a deputy head of the Chasing Research Institute, told the Global Times.

"We anticipate that policies supporting sectors including culture and tourism, elderly care, childcare and domestic services will be strengthened, and there is the potential for increased government spending on public services consumption," Wu said.

China will work hard to further develop consumer services to support high-quality economic development and meet people's demand for personalized, diversified and quality services, according to a guideline made public on Saturday, the Xinhua News Agency reported.

The US Congress has found a new method to save US manufacturing: making the lineage of the US flag pure. This has turned the flag into a focal point for trade protectionism. However, this idea of using a "pure-blood" US flag will not necessarily revive US manufacturing, nor can it enhance American patriotism; instead, it only exposes the illusions and weakness of US nationalism and highlights the ugly side of US politicians.

According to US media reports, the All-American Flag Act has been passed by Congress, requiring the federal government to purchase only American flags that have been completely manufactured in the US. Advocates of the measure argue that in 2017, the US imported some 10 million American flags, and 99.5 percent of them came from China. It's time for US flags to originate in the country they represent, said the sponsors of the proposal.

If the flag must originate from the US, should other symbols of the US, such as statuettes of the Statue of Liberty, also be manufactured domestically? The extremism of US trade protectionism has reached the level of nonsense. What's next? Will American lawmakers hype up China's "overcapacity of flags," or will they require that every stitch on the Stars and Stripes be hand-sewn by "pure-blood" Americans?

Supporters of the proposal said the change is more than just symbolic - they believe it will support US jobs and manufacturers. Politicians have a rosy view: They believe they can revive US manufacturing while simultaneously running a patriotic education campaign. However, in 2015 the value of US flag imports was only $4.4 million, according to federal data. Rather than enacting substantial economic policies to truly revive US manufacturing, politicians are wasting energy on a matter worth only a few million dollars. This is clearly not a fundamental solution to US' manufacturing problems but merely a façade project.

"This is a typical case of the US' pursuit of 'decoupling' with China in a form of psychological warfare and political grandstanding," Shen Yi, a professor at Fudan University, told the Global Times. Some US politicians, lacking an understanding of the practical issues involved in producing flags, such as labor and production costs, blindly manipulate politics for political gain based solely on their imaginations.

In the face of numerous crises such as domestic social division and political polarization, the US Congress chooses to prioritize the issue of the flag. The reason is simple: Some politicians lack the ability to address truly important matters but need to appear capable, so they focus on high-profile topics related to "national symbols" to gain political influence. As some netizens sarcastically pointed out, there are many significant events occurring in the world, yet the US chooses to spend time on trivial matters.

The proposal reflects US politicians' concerns about US manufacturing being overshadowed by "Made in China" products. They seem obsessed with bringing manufacturing back to the US. The All-American Flag Act is just the tip of the iceberg of the US' dual strategy: closing doors to Chinese imports while attempting to promote domestic factory development through reindustrialization.

However, what the US is doing is essentially an upgraded version of protectionism and a generalization of national and economic security concepts, aimed at keeping industries and jobs in the US. Ironically, this may backfire. The All-American Flag Act risks causing US consumers to incur additional costs for purchasing flags, as the US may not be able to produce goods as cheaply and efficiently as China.

The US has always positioned itself as an advocate of free trade, but now it seems that the core principle of US-style free trade is "American interest first." After all, not even the flag can be bought from the global market - this is truly a joke on globalization.

Currently, the bill is awaiting President Joe Biden's signature to become law. In the future, when the "pure-blood American flag" rises high, what people may see behind it is not the so-called symbol of identity, resolve and values as one people, but rather US nationalism and political anxiety. When US' dignity and values are so fragile that they need to be ensured by the place of origin of the flag they wave, it in itself reflects the decline of the US empire.

Local authorities in Chenzhou, Central China's Hunan Province, have been working all out to restore roads, electricity, and communication systems, after heavy rainfall brought enormous damage to Zixing, which is administrated by the city of Chenzhou, and left 30 people dead and 35 missing, according to local officials at a press briefing on Friday.

All attendees at the press briefing stood and observed a moment of silence in memory of the victims of the disaster on Friday. 

The heavy rainfall brought by Typhoon Gaemi temporarily caused power outages in 149 villages and communication disruptions in 78 villages in Zixing, one of the most severely affected regions. Communication and power supply have been resumed basically in all 183 villages in Zixing, said the authorities. 

A total of 118,000 people were affected by the disaster, with 1,345 road collapses, 1,641 house collapses, and 208,000 mu (13,866.7 hectares) of crops affected, said Kan Baoyong, the mayor of Chenzhou, at the press briefing.

Local authorities have mobilized 1,792 personnel to restore roads, electricity, and communication systems in Zixing. As of 8 pm on Thursday, 46,798 out of 66,793 households have had their power restored, said the mayor.

From July 26 to Thursday, Zixing experienced heavy rainfall with an average precipitation of 410.4 millimeters. Some stations recorded 24-hour rainfall exceeding historical records in Hunan Province. Multiple areas experienced flash floods, mudslides, and landslides, causing varying degrees of damage, according to the local authorities.

A total of 986 sets of large equipment, five helicopters, and over 80 drones have been deployed to rescue and evacuate stranded residents. More than 13,000 people have been urgently relocated, and 695 people have been rescued and evacuated, said the authorities.

China's National Disaster Reduction Commission on Thursday raised the emergency response to Level II, the second-highest, for the region, according to the Ministry of Emergency Management.  

Chinese authorities have allocated 378 million yuan ($53 million) to flood relief efforts in the country's southern and northern regions including Hunan Province, the Ministry of Finance said on Thursday. 

"Xiling Academy" was inaugurated at the China Cultural Center in Tokyo, Japan on Wednesday. The establishment of Japan's "Xiling Academy" marks an important progress in international cultural exchanges.
"Xiling Academy" in Japan will roll out training sessions and exchange activities on creative artforms such as seal cutting, calligraphy and painting. It will also hold various cultural activities such as exhibitions and competitions.

Blessed with its branding influence as well as the prestigious members of the Xiling Seal Society, "Xiling Academy" in Japan is expected to further boost the cultural exchanges between China and Japan. This new establishment is injecting new impetus in the traditional culture of both countries, aiming to achieve new progress in international cultural exchanges and mutual learning among civilizations.

Meanwhile, on the sidelines of the inauguration ceremony, Chen Zhenlian, vice chairman of the China Federation of Literary and Art Circles, gave a lecture to the delegates on China-Japan exchanges in seal making studies and the development of "Xiling Seal Art Society."
The Xiling Seal Art Society, a Chinese arts organization based in Hangzhou, capital of East China's Zhejiang Province, was founded in 1904. This is the earliest Chinese society formed by specialists in seal engraving, calligraphy and painting.

The "Xiling Academy" was established in the Hong Kong Special Administrative Region in 2017. A public welfare project dedicated to inheriting and promoting traditional Chinese culture, "Xiling Academy" has been showcasing the charm of traditional Chinese culture through calligraphy, painting and seal cutting. It has carried out a series of cultural events in many countries and regions, becoming an important link in cultural exchanges with foreign countries.

The Xiling Seal Art Society, is one of China's most important traditional stone seal engraving associations, a key National Relics Preservation Unit and its engraving a national intangible cultural heritage.

In 2009, UNESCO added the Xiling Seal Art Society to its list of Intangible Cultural Heritage of Humanity. Due to its great achievements in seal engraving, calligraphy, and painting and an impressive collection of art, the prestigious Xiling Seal Art Society has won itself the honor of being considered the best society of its kind.

China's Supreme People's Court, the Supreme People's Procuratorate, and the Ministry of Public Security (MPS) jointly issued a notice on Friday to crack down on cross-border telecommunications fraud. The notice emphasized that providing venues for cross-border telecommunications fraud under the guise of "industrial parks" and controlling criminal gangs should be treated as criminal groups.

According to the MPS, current cross-border telecommunications network fraud presents new challenges, including highly organized and clearly divided fraud groups. Moreover, there are fewer scattered fraud groups overseas, replaced by large-scale gambling fraud parks, China Central Television (CCTV) reported.

Fraudulent groups also use new technologies and formats such as virtual currency and artificial intelligence to continuously update their criminal tools. Additionally, their fraudulent methods are rapidly innovating, possessing strong deceptive characteristics. These developments present fresh obstacles to the judicial prosecution and prevention of transnational telecommunications fraud.

Therefore, the notice explicitly outlined four crucial areas of punishment, with the primary focus being on holding accountable the criminal groups' organizers, planners, leaders, and key members in accordance with the law. Additionally, groups that offer refuge to those involved in cross-border telecommunications fraud will also be specifically targeted for enforcement actions.

Furthermore, the notice specified that criminal organizations engaging in heinous acts such as intentional homicide, intentional injury, kidnapping, rape, forced prostitution, and illegal detention will face severe punishment. According to the notice, the crackdown will also target those involved in organizing and facilitating illegal border crossings for individuals participating in cross-border telecommunications fraud.

The notice also proposed approaches in relation to judicial cases. For example, regarding transnational telecommunications fraud and other criminal organizations operating under the guise of "industrial parks" or "development zones" in overseas areas, the notice clearly stipulated that managing and controlling criminal groups through providing criminal venues to carry out transnational telecommunications fraud, extortion, and other criminal activities should be identified as criminal groups and be punished.

The notice emphasized the comprehensive strengthening of asset recovery. Relevant departments should conduct comprehensive investigations and reviews of the financial status of criminal groups and their members involved in cross-border telecommunications fraud, extortion, and other crimes, and lawfully seize and freeze funds, real estate, vehicles, precious metals, and other assets involved in the case.

Since last year, the MPS, together with a host of other departments, have carried out special operations, focusing on capturing and repatriating tens of thousands of overseas fraudsters, forming a strong deterrent, said the CCTV report. The public security organs will continue to vigorously combat overseas telecommunications fraud and other illicit activities, as well as prosecute domestic collaborators in strict accordance with the law, so as to protect the public's fundamental rights and interests.

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)

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.