The Chinese People's Liberation Army (PLA) is set to celebrate its 97th founding anniversary on Thursday (August 1) after a year of intensive missions and development to safeguard national sovereignty, territorial integrity and development interests amid deteriorating security situations in the world and tensions around China.

On the way to reach its centennial goals in 2027, the PLA is expected to further enhance its training level and equipment development, and improve national defense at its own pace, experts said.

China continued to face grim security situations over the past year, with the Taiwan Straits and the South China Sea being regional hot spots. However, the PLA's resolute and powerful moves deterred potential conflicts, defended national sovereignty, security and interests, and safeguarded regional peace and stability, observers said.

A frontpage story of the People's Daily on Wednesday dedicated to the PLA's 97th founding anniversary and its upcoming centennial in 2027 highlighted, among others, the Joint Sword-2024A exercise, which took place around the island of Taiwan from May 23 to 24 featuring army, navy, air force and rocket force affiliated with the PLA Eastern Theater Command.
Focusing on courses including joint aerial and maritime combat readiness patrols, joint seizure of comprehensive control of battlefield and joint strike at key targets, the exercise saw warships and warplanes close in on the island of Taiwan for combat cruises, coordinate within and out of the first island chain, and test the troops' joint combat capabilities in real circumstances, the People's Daily article said.

The exercise aimed to punish "Taiwan independence" secessionist forces and send a warning to external interference forces following Taiwan regional leader Lai Ching-te's separatist inaugural speech on May 20, analysts said.

In the South China Sea, the PLA organized a series of joint patrols and joint exercises in January, forcing the US and the Philippines to scale down their joint patrol in the region at a time when the Philippines, under US' instigation, repeatedly made provocations on Chinese islands and reefs in the South China Sea.

The PLA also served as a solid support for the China Coast Guard when the latter dealt with illegal Philippine trespassing activities into waters off Chinese islands and reefs, observers said.

Over the past year, the PLA conducted several combat-oriented exercises in the Taiwan Straits and the South China Sea, in which the PLA's advanced warships and warplanes including the aircraft carrier Shandong, Type 055 large destroyers and Type 052D destroyers systematically practiced not only in the Taiwan Straits and the South China Sea, but also the West Pacific, Fu Qianshao, a Chinese military expert, told the Global Times on Wednesday.

Such drills were characterized by their high intensity, and they have now become routine, Fu said.

They indicate that the PLA is fully capable of safeguarding Chinese territories, security as well as maritime rights, he noted.
The PLA also spent the past year conducting friendly visits, exchanges as well as holding joint patrols and exercises with militaries of many other countries, in addition to holding regular escort missions in the Gulf of Aden and waters off Somalia as well as UN peacekeeping missions in moves to contribute to peace and stability around the world.

The PLA also wrapped up several international military interactions over the past month, including a China-Russia joint aerial strategic patrol over the Bering Sea, a China-Russia joint naval patrols in the West Pacific and the South China Sea, the China-Belarus Eagle Assault-2024 joint army training in Belarus, and the China-Laos Friendship Shield-2024 joint drill in Laos.

These international military interactions boosted friendships, understandings and pragmatic cooperation. The joint exercises and patrols stressed counter-terrorism, peacekeeping and regional security issues, rather than bloc confrontation like West-led drills, a Beijing-based military expert who requested for anonymity told the Global Times on Wednesday.

Reform and development

A reform of the PLA took place in April, as its Strategic Support Force was canceled and split into the information support force, the aerospace force and the cyberspace force, the Xinhua News Agency reported.

According to official releases, the information support force is a new, strategic branch of the Chinese military and a key pillar in coordinating the construction and application of the network information system, the aerospace force is of great significance to strengthening the capacity to safely enter, exit and openly use space, enhancing crisis management and the efficacy of comprehensive governance in space and promoting peaceful utilization of space, while the cyberspace force is important for reinforcing national cyber border defense, promptly detecting and countering network intrusions, and maintaining national cyber sovereignty and information security.
One of the most important development in terms of the PLA's equipment is the Fujian, China's third aircraft carrier, as the 80,000 ton-class electromagnetic catapult carrier conducted its maiden voyage on May 1, followed by second and third sea trials as of the end of July.

Analysts said the intensity of the Fujian's sea trials indicate very smooth progress, and it is very likely that new carrier-based aircraft, including a stealth fighter jet, a fixed-wing early warning aircraft and a trainer jet, will make official debuts in the coming year.

Western speculations

As there are only three years to go when China marks the centennial of the PLA in 2027, the West has been hyping that China will resolve the Taiwan question by force by that time.

Fu said the initiative on when and how to resolve the Taiwan question is on the side of the Chinese mainland, and it is not up to the Western speculations, which have ulterior motives.

"We pledge utmost sincerity and greatest efforts for the prospect of peaceful reunification, but never promise to renounce the use of force," Fu reiterated.

The PLA will continue to enhance combat capability by developing new weapons and equipment and boosting training level, and be prepared for anything, experts said.

Chinese President Xi Jinping has a profound connection to the Olympic Movement. He has promoted China's hosting of several significant international sporting events, fostered global sports exchanges and cooperation, and embodied the Olympic spirit through his efforts.

From overseeing the preparations for Beijing 2008 Olympics and Paralympics to leading China in successfully hosting the 2014 Nanjing Youth Olympics and personally driving the bid and preparations for the 2022 Beijing Winter Olympics, Xi has developed a profound bond with the Olympic Movement.

As the 2024 Summer Olympics opened in Paris, France, on Friday, let us explore five key moments that highlight Xi's determination to support and promote the development of the Olympic Games.

His actions and leadership have not only elevated China's status in the international sports arena but also contributed to the promotion of the Olympic spirit worldwide, aligning with his broader goal of building a community of shared future for mankind.
Wishing Paris Olympic Games success when in France

On May 6, 2024, during his visit to France, Xi expressed his best wishes for the success of the 2024 Paris Olympics and promoting China-France sports exchanges.

In a meeting with French President Emmanuel Macron, Xi presented him with the 2008 Summer and 2022 Winter Beijing Olympic torches, symbolizing the spirit of unity and friendship between the two countries. Macron, in return, gifted Xi a Paris 2024 Olympic torch, signifying the mutual respect and camaraderie shared between the two countries.

Xi emphasized that France is a great sporting nation and expressed his heartfelt wish for the success of the Paris Olympics, highlighting the ongoing exchanges and cooperation between China and France in the realm of sports.

This exchange of torches not only underscored the deepening of bilateral ties but also reflected the two countries' shared commitment to the Olympic values of excellence, friendship and respect.

China supports France in hosting a successful Paris Olympic Games and will send a high-level delegation to France, said the Chinese president.
Facilitating a splendid Beijing 2022 Winter Olympic Games

On February 4, 2022, Xi attended the opening ceremony and announced the commencement of the Beijing 2022 Winter Olympics.

This event, which Xi personally facilitated and witnessed, was a testament to China's dedication to hosting a spectacular, extraordinary and remarkable Winter Olympics.

China will honor its commitment to present to the world a simple, safe and splendid Olympic Games, Xi said at that time.

His leadership ensured that the event was organized safely and splendidly, providing a stage for athletes worldwide to showcase their skills and boosting global confidence and morale during the pandemic.

The Beijing Winter Olympics, with its unique blend of Chinese cultural elements and Olympic spirit, left a lasting impression on the world. The successful hosting of the 2022 Winter Games demonstrated China's ability to deliver on its promises, despite the challenges posed by the global pandemic.

The 2022 Games not only highlighted China's growing prowess in winter sports but also showcased the country's commitment to environmental sustainability through the use of green technology and venues.
A true champion in promoting the Olympic Movement

On January 18, 2017, Xi became the first Chinese head of state to visit the International Olympic Committee (IOC) headquarters in Lausanne, Switzerland.

This visit underscored China's commitment to the Olympic Movement and its values. During the visit, Xi toured the Olympic Museum, viewed exhibits showcasing the history and achievements of Chinese athletes, and engaged in discussions with IOC President Thomas Bach.

In a memorable moment, Xi stood on an Olympic podium, symbolizing China's significant contributions to the Olympic Movement. Bach praised Xi, stating that in terms of promoting the Olympic Movement, Xi was a true Olympic champion. Xi's visit to the IOC headquarters reinforced his commitment to promoting the Olympic spirit and advancing global sports cooperation.

The visit also included the presentation of a Suzhou Embroidery artwork entitled Ladies Playing Football, symbolizing the historical connection between China and sports.

Dedicated to nurturing young talent, promoting youth sports

On August 15, 2014, Xi visited the training center of the Youth Olympic Village in Nanjing, East China's Jiangsu Province, the host city for the 2014 Summer Youth Olympics, where he warmly greeted the Chinese delegation participating in the Games.

Xi's presence at the Nanjing Youth Olympic Games highlighted his dedication to nurturing young talent and promoting youth sports, underscoring the importance of international sports exchanges for young athletes.

During his visit, Xi observed various sports, including basketball, taekwondo, wrestling, judo, and boxing. He engaged in conversations with the athletes, offering words of encouragement and emphasizing the importance of sportsmanship and international friendship.

Xi said that the Youth Olympics is an initiative which integrates culture and education into sports, and it's not only an arena in which young athletes compete but also a platform for communication among them.

Crucial role in 2008 Beijing Olympics milestone

During the 2008 Beijing Summer Olympics, Xi played a crucial role as he oversaw the preparations for Beijing 2008 Olympics and Paralympics.

His leadership and efforts were instrumental in the successful hosting of the Games, which marked a significant milestone in China's sports history.

The Beijing 2008 Olympics showcased China's organizational capabilities and its commitment to the Olympic ideals of peace, friendship, and progress.

This event also served as a catalyst for the development of sports in China and strengthened the country's ties with the global sports community.

The Beijing 2008 Olympics were notable for the spectacular opening ceremony, which showcased China's rich cultural heritage and technological advancements.

The Games were also a platform for Chinese athletes to excel, as China topped the gold medal tally for the first time in its Olympic history.

These Olympic moments reveal Xi's deep commitment to sports and his vision of fostering global unity through the Olympic Movement.

Xi's engagement with the Olympics reflects a strategic approach to promoting sports worldwide, enhancing China's soft power and promoting international cooperation and understanding.

Through these efforts, Xi has shown how sports can transcend national boundaries and bring people together, embodying the true spirit of the Olympic Movement.

Chinese President Xi Jinping met with Italian Prime Minister Giorgia Meloni in Beijing on Monday.

Apple was edged out of the top five smartphone vendors in China in the second quarter, as competition from Chinese domestic brands intensified, according to global research firms.

The trend shows that with domestic handset makers surging ahead, the focus of competition among leading smartphone brands in the domestic market has subtly shifted from shipment volumes to high-end offerings, analysts said. 

A report released on Friday by research firm IDC said that the Chinese original equipment manufacturers - particularly Vivo, Huawei and Xiaomi - with large double-digit growths, were the biggest contributors to the increased momentum in the second quarter. 

This led to pushing Apple into sixth position and allowed local players once again to dominate the top five spots after a hiatus of nearly four years.

Research firm Canalys also reported that Apple's iPhone ranked sixth in the Chinese mainland smartphone market, with a share of 14 percent, down by two percentage points year-on-year, following its Chinese rivals Vivo, Oppo, Honor, Huawei Technologies, and Xiaomi.

According to Canalys' latest report issued on Thursday, Vivo reclaimed the No.1 spot by shipping 13.1 million units, capturing a 19 percent market share. The growth was driven by strong performances in brick-and-mortar channels and robust online sales during this year's June 18 (618) e-commerce shopping gala.

Canalys analyst Lucas Zhong said it was the first time domestic vendors dominated all the top five positions in one quarter, showing that Chinese vendors' strategies for high-end products and their deep collaboration with local supply chains are starting to pay off in hardware and software features.

In the second quarter, iPhone shipments in China totaled 9.7 million units, down from 10.4 million units a year earlier, despite experiencing strong year-on-year growth in shipment volumes in China in April and May, according to Canalys.

Observers said that in recent years, Apple has built strong competitiveness in the Chinese market, fueled by the ongoing market openness and industrial upgrades. This also spurred the growth and strengthening of Chinese smartphone brands.

Canalys noted that Chinese companies are investing in artificial intelligence infrastructure and developing proprietary models to gain a competitive edge in the high-end segment. This fierce domestic competition also drives their expansion into international markets, with milestones expected throughout 2024.

Apple offered its largest-ever price cuts during the 618 shopping event to boost sales, with some iPhone models discounted by over 2,000 yuan ($276). This strategy secured the top spot for Apple on JD.com's smartphone sales rankings but did not reverse the overall decline in iPhone sales for the second quarter.

Chinese domestic smartphone producers are making significant strides in the high-end market. Canalys analysts noted that in the second half of the year, the market will closely monitor Huawei's launch of HarmonyOS Next, as the company aims to establish it as a third major mobile operating system alongside Android and iOS.

Chinese Foreign Minister Wang Yi held talks with Ukrainian Foreign Minister Dmytro Kuleba in the southern Chinese city of Guangzhou on Wednesday. The Ukraine crisis has entered its third year, with the conflict ongoing and risks of escalation and spillover still present. As the highest-ranking Ukrainian official to visit China since the outbreak of the conflict, the discussions and the signals sent during the talks, as well as whether there are signs of peace in the Russia-Ukraine conflict, have garnered international attention. Particularly in light of China's successful mediation efforts in re-establishing diplomatic relations between Saudi Arabia and Iran, and promoting internal reconciliation of Palestine, there are heightened expectations for China's constructive role in promoting peace talks in the Russia-Ukraine issue.

As part of China's recent diplomatic efforts to mediate international and regional hotspots, China's proactive invitation to Kuleba to visit has garnered international attention. According to Reuters, citing Ukrainian accompanying officials, the talk lasted over three hours, longer than planned, and was "very deep and concentrated." The word "deep" is rarely used in diplomatic settings. In a statement after the meeting, the Ukrainian side stated, "China's role as a global force for peace is important." This reaffirms China's role as a peacemaker and highlights the effectiveness of the meeting.

As a direct party to the Russia-Ukraine conflict, Ukraine has shown greater interest in China's positions than before. This has led international public opinion to maintain cautiously optimistic about the direction of the Russia-Ukraine issue and to pay more attention to China's role in major regional conflicts. Even Western media, which often distorted and smeared China's stance on the Russia-Ukraine issue, is now speculating whether China intends to preempt the US in playing the role of peacemaker. These discussions in various directions all confirm that China's efforts to promote peace are increasingly prominent and have become an acknowledged reality in the international community.

The distortions and slanders against China by the West have largely fallen apart on their own. The fairness of China's position has been once again validated, and China's proposals have withstood the test of time. Western efforts to stoke the fire have only prolonged the conflict. Ukrainian President Volodymyr Zelensky stated in a recent interview, "We have to finish the war as soon as possible." More and more signs point to the fact that the resolution of all conflicts will ultimately return to the negotiating table; all disputes will eventually be resolved through political means. This is precisely what China has consistently advocated.

From the handshake between Saudi Arabia and Iran, to the historic reconciliation within Palestine, to the complex and challenging Ukraine crisis, why does China's position repeatedly manage to gather the broadest consensus in the international community? First, it is because China maintains an objective and fair stance and is committed to mediation and promoting dialogue. Second, China adheres to the concept of common, comprehensive, cooperative, and sustainable security, working tirelessly to maintain world peace, stability, and development. In the face of crises, China does not stoke the flames or take advantage of the situation for its own gain. This stance is visible to the international community and the parties involved in the conflict.

There is an Arabic proverb: "Seek knowledge, even if you have to go as far as China." Now, the saying "Seek peace in China" is also becoming popular. On the complex international stage, China's role as a responsible major power maintaining world peace is increasingly recognized. As China called for in the Global Security Initiative Concept Paper in 2023, "countries need to work in solidarity to foster a community of shared security for mankind and build a world that is free from fear and enjoys universal security." China's stance is clear and consistent: between peace and war, it chooses peace; between dialogue and sanctions, it chooses dialogue; between cooling down and fueling the fire, it chooses cooling down. On the Ukraine crisis, China remains straightforward and sincere, without political self-interest or geopolitical manipulation. China is truly dedicated to mediation and promoting dialogue to achieve a cease-fire and an end to the conflict.

Of course, the Ukraine crisis did not form overnight, and resolving the issue will not be accomplished in a single step. It requires the joint efforts of the international community. Recently, US Secretary of State Antony Blinken once again claimed at the Aspen Security Forum that "China can't have it both ways." Many in the West remain stuck in the mindset of "supporting one side," which only complicates and intensifies the conflict. Influential major countries, in particular, should align with China to create conditions and provide support for direct dialogue and negotiations between Russia and Ukraine. Only when major powers contribute positive energy rather than negative energy can there be an early glimpse of a cease-fire in this conflict.

Foxconn, Apple's assembly partner for building iPhones, has signed a strategic cooperation agreement with the Henan provincial government, to build a new business headquarters building in Zhengzhou, Central China's Henan Province, according to the company's website on Wednesday.  

"Setting up a new business headquarters in Zhengzhou is a very important part of Foxconn's new business development in Chinese mainland," said the company.

According to Foxconn, the first phase of the project is backed by a total investment of about 1 billion yuan ($137.4 million). The strategic cooperation focuses on three emerging industries, namely, EVs, digital health and robotics, as well as three new areas of technology, namely, AI, semiconductors and new-generation mobile communications.

The new building will provide industrial resources, technical force and other related support for Foxconn in the Chinese mainland. Moreover, the company will focus on the layout of an electric vehicle pilot production center, solid state battery and other projects in Zhengzhou.

While Foxconn has stepped up to enhance cooperation with Chinese mainland enterprises, some media outlets reported that the company has shifted some of its capacity in India back to Chinese mainland.

According to a report by chinatimes.com on Wednesday, the assembly of iPhone 15 in Foxconn's Indian factory did not go well last year, which forced Apple to reduce pricing. Therefore, this year the company has shifted part of the production capacity back to the Chinese mainland, and BYD, Luxshare and other Chinese major manufacturers have joined the iPhone 16 supply chain, becoming Apple's latest foundry partners.

The Chinese mainland market has a mature supply chain system and efficient production capacity that has been developed over many years. This includes not only a well-established network of component suppliers, but also an experienced and skilled labor force, Wang Peng, an associate research fellow at the Beijing Academy of Social Sciences, told the Global Times on Wednesday. 

At the request of Chinese automaker SAIC Motor Corp, the European Commission (EC) has held a special hearing at the EU headquarters in Brussels regarding the anti-subsidy investigation into Chinese electric vehicles (EVs). During the hearing, SAIC submitted its defense against the anti-subsidy preliminary ruling, noting that it reserves the right to take further legal measures in response to the EC’s unfair preliminary ruling, according to a statement sent to the Global Times on Monday.

During the hearing on Friday, the company noted that the EC’s investigation involves commercially sensitive information, such as the request for cooperation in providing chemical formulas related to batteries, which is beyond the normal scope of the investigation. 

Moreover, the EC’s determination of subsidies was flawed, such as confusing automobile finance companies wholly owned by foreign joint venturers as SAIC’s affiliates, and including them in the calculation of subsidy rates.

In addition, SAIC has submitted thousands of pages of written materials in the course of the investigation, but the EC ignored some of the key information and defenses submitted by the company and inflated the subsidy rates of multiple items.

The company said that open competition leads to progress, while protectionism only leads to backwardness. It expressed hope that China and the EU will accelerate the cohesion of innovative forces through win-win cooperation and create global green development.

On June 12, the EC issued a pre-disclosure of preliminary ruling information, which calculated a subsidy rate of 38.1 percent for SAIC. In response to the calculation error in the pre-disclosure, the company promptly raised a plea. 

On July 4, the EC formally announced the results of the preliminary ruling, saying that the duty rate stood at 37.6 percent, and planned to impose provisional countervailing duties.

The EC is expected to make a final ruling on November 2. SAIC reserves the right to take further legal measures in response to the EC’s unfair, unreasonable and unlawful preliminary ruling, the company said.

SAIC on Thursday participated in the post-preliminary ruling hearing of the EU’s countervailing subsidy investigation against China’s EVs organized by China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME). 

A representative from the CCCME pointed out that the EC violated WTO rules during the preliminary ruling, and the subsidy margin calculated in the current preliminary ruling did not reflect the real situation of the sampled enterprises in China.

The EC’s decision to take provisional tariff measures was strongly opposed by some EU member states, the German Association of the Automotive Industry and the major European automobile producers, which seriously harmed the interests of China and Europe, the CCCME noted.

China and Japan trimmed their holdings of US Treasury bonds in May in a move that reflects the growing worry about US economic risks, experts said. 

According to data from the US Department of the Treasury on Thursday local time, China reduced its holdings of US Treasury bonds by $2.4 billion in May to $768.3 billion, marking another decrease after increasing its holdings for the first time in April this year.

As the second largest foreign holder of US Treasury bonds, China's holdings have been below $1 trillion since April 2022, and have been decreasing steadily.

In January 2024, China reduced its holdings of US Treasury bonds by $18.6 billion. This was followed by further reductions of $22.7 billion and $7.6 billion in February and March, respectively. 

Japan, the largest holder of US debt, also reduced its holdings of US Treasury bonds by $22 billion in May, with total holdings being $1.1283 trillion. 

Experts believe the reduction in holdings of US Treasury bonds reflects concerns about the risks associated with the US economy. Foreign investors may be worried that a slowdown in the US economy could affect the return on their investments in US bonds.

According to the Federal Reserve's Beige Book report released on Wednesday, it is predicted that the economic growth in the US will slow down in the next six months.

Expectations for the future of the economy were for slower growth over the next six months due to uncertainty around the upcoming election, domestic policy, geopolitical conflict, and inflation, the report said.

The report is based on information that Federal Reserve Bank gathers anecdotal on current economic conditions in its District.

While seven Districts reported some level of increase in economic activity, five noted flat or declining activity—three more than in the prior reporting period in May.

China said it has completed the entry procedures for Bangladesh's export of fresh mangoes to China, and vowed to further promote high-quality agricultural products from the South Asia country entering the Chinese market, read a joint statement released on Thursday. 

Analysts said the statement further enhanced cooperation between China and Bangladesh and demonstrated a mutually beneficial collaboration model for South Asian countries.

The joint statement was released as Bangladeshi Prime Minister Sheikh Hasina wrapped up her state visit to China on Thursday. 

Qian Feng, director of the research department at the National Strategy Institute at Tsinghua University, attributed the steady growth of the China-Bangladesh relationship to high economic complementarity, as well as the alignment of the China-proposed Belt and Road Initiative with the current stage of Bangladeshi economic development. 

According to the joint statement, the two sides agreed to deepen cooperation in trade, investment and finance, conclude the joint feasibility study on a China-Bangladesh free trade agreement, and launch formal negotiations as soon as possible.

China and Bangladesh agreed to further strengthen communication on the export of high-quality Bangladeshi agricultural products to China. Aside from mangoes, China welcomes Bangladesh to expand exports of jute, leather, aquatic products and other high-quality special products to China, read the statement. 

In the latest trade data released by China's General Administration of Customs, from January to May 2024, China-Bangladesh bilateral trade amounted to 74.91 billion yuan ($10.30 billion), gaining a positive growth of 0.2 percent year-on-year. 

Notably, boosted by favorable tariff policies, Bangladesh's exports to China during the period hit 3.27 billion yuan, a significantly surge of 23.6 percent year-on-year. 

Moreover, China has also been one of the largest sources of investment in Bangladesh. As of the end of 2023, China's investment stock in Bangladesh had increased to nearly $1.4 billion, with nearly 700 Chinese-funded companies in Bangladesh, creating more than 550,000 jobs, according to the Chinese Embassy in Bangladesh.

Al Mamun Mridha, secretary general of the Bangladesh China Chamber of Commerce and Industry told the Global Times in a recent interview that China's advanced technologies and vast experience in various industries can greatly assist Bangladesh in its industrial modernization and development.

"Furthermore, adopting advanced Chinese technologies and products can enhance the productivity and competitiveness of Bangladeshi industries on the global stage," Mridha said. 

During Bangladeshi Prime Minister Sheikh Hasina's state visit, the two sides signed cooperation documents on trade and investment, digital economy, financial regulation, education cooperation, medical care and public health, infrastructure cooperation, green and low carbon development, agricultural cooperation, hydrological forecasting, and cooperation in radio and television, according to the joint statement. 

Wang Jinwu, a commercial manager from the Bangladesh Office of Chinese No.5 Engineering Co. Ltd. of CCCC FHEC, who had been working in the South Asian country for eight years, told the Global Times on Thursday that the joint statement will play a positive role in promoting Chinese investment in Bangladesh, and will also provide reassurance to Chinese entrepreneurs who are currently investing or have already invested in Bangladesh.

"With the upgrade of bilateral relationship, I believe there will be more opportunities and potential in the two countries' private trade, economic zones, and related industry upgrades in the future," Wang said. 

China holds a competitive edge in terms of the quantity of data and technology patents, but there are still gaps with the US and the EU regarding high-quality patents and key technology innovations.

By promoting high-level opening-up, establishing an efficient and smooth global industry and supply chain flow mechanism, and creating a comprehensive opening system with strong attractiveness, China can build up globally advanced high-quality production factors.

The three major risks and challenges in the international environment are as follows.

First, some developed countries have imposed technological blockade on China, restricting investment and cooperation in advanced semiconductors, quantum technology, artificial intelligence (AI) and other fields, as well as hindering technological exchanges. This is seriously affecting complementary advantages and win-win cooperation involving the new quality productive forces between China and foreign countries.

Second, some developed countries are promoting the so-called "re-shoring" of manufacturing under the guise of national security, providing massive fiscal support for high-tech industries such as semiconductors, pharmaceuticals and others, and implementing policies such as "de-risking" with China. This situation affects the security and stability of China's industrial and supply chains, and it is not conducive to the transformation and upgrading of Chinese manufacturing sector.

Third, international economic and trade rules are readjusting now, and China is facing rising pressures in areas such as the green economy and the digital economy.

Nevertheless, there exist three major opportunities for China too. 

First, there is the deepening development of the new round technological revolution and industrial transformation. Unlike the previous three industrial revolutions, in key areas of the Fourth Industrial Revolution such as 5G and AI, China is expected to become an important leader in developing new quality productive forces.

Second, the international landscape of power is becoming more balanced. This is conducive to promoting global economic governance toward a more just and fair direction.

Third, the international division of labor in the fields of technology research and development, information services and other service industries continues to deepen, and the digital economy is flourishing, expanding the space and scope of international cooperation, and providing new opportunities for China to integrate into economic globalization.

To promote the construction of a new system of an open economy at a higher level, China should promote the joint construction of the Belt and Road Initiative; promote secure and efficient flow of innovative elements such as technology, talent and data; support all types of business entities in optimizing the allocation of advanced production factors on a global scale; create a favorable international environment for the development of the new quality productive forces in China, and achieve a higher level of mutually beneficial cooperation.

The significant feature of the new quality productive forces is innovation, which includes innovation at both the technological and business-model levels, as well as innovation at the management and institutional levels. China should further promote innovation as the primary driving force for growth; advance tech innovation to make original scientific and technological achievements; solve bottlenecks and overcome blockages that restrict the development of the new quality productive forces; further deepen reform comprehensively, and provide effective institutional mechanisms for the development of the new quality productive forces and achieving high-quality development.