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.

The IMF on Tuesday raised China's GDP growth forecast for 2024 to 5 percent in its latest World Economic Outlook (WEO), pointing to a steady rebound in domestic consumption and a surge in exports. The move also indicates growing global confidence in the outlook for the world's second-largest economy.

Coming a day after China reported robust 5 percent GDP growth for the first half of 2024, the IMF's upward revision of its forecast showed improving expectations for a stable and sound rebound in the Chinese economy, despite lingering challenges, experts said. And expectations will likely further improve as the ongoing third plenary session of the 20th Central Committee of the Communist Party of China is expected to map out reforms that will propel China's high-quality development, they noted.

In its WEO update for July, the IMF projected China's GDP will grow by 5 percent in 2024, which represents an upward revision of 0.4 percentage points compared with the April WEO report.

"In China, resurgent domestic consumption propelled the positive upside in the first quarter, aided by what looked to be a temporary surge in exports belatedly reconnecting with last year's rise in global demand," the WEO said.
The revised projection is also in line with a 5 percent growth forecast announced by IMF officials in May, as well as China's growth target of around 5 percent for 2024.

"For the outlook in the second half, both domestic and international views are very confident about 5 percent growth. This is also what the IMF's assessment is based on," Bian Yongzu, executive deputy editor-in-chief of Modernization of Management magazine, told the Global Times on Tuesday, noting that the IMF's latest revision is more accurate than its previous projection given recent economic data from China.

The IMF's move came just a day after Chinese official data showed on Monday that China's GDP expanded by 5 percent in the first half of 2024 to 61.68 trillion yuan ($8.49 trillion), thanks to robust 5.3 percent growth in the first quarter and a slightly lower growth rate of 4.7 percent in the second quarter.

Notably, even as the IMF raised China's growth forecast, it left its projections for 3.2 percent global growth unchanged, while noting that the global economy is "in a sticky spot." It also painted a gloomier outlook for major economies, including the US. In the US, "after a sustained period of strong outperformance, a sharper-than-expected slowdown in growth reflected moderating consumption and a negative contribution from net trade," the IMF said.

The contrast also showed that China's 5 percent growth is hard-won given the persistent challenges in the global economy as a whole, experts said. Robust growth in exports, rising 6.9 percent year-on-year in the first half, were a highlight in China's economic recovery during the period, they noted.

"The external environment was not so peaceful and there is growing trade protectionism. However, China's foreign trade achieved a relatively good result, which is directly linked to China's economic competitiveness. And this is also a source of growing confidence in China's economy," Bian said.

Bian further noted that many people are expecting more proactive economic policies and reform measures from the ongoing third plenary session.

The session, which kicked off on Monday and will run through Thursday, plays a critical role in China's reform and opening-up and is expected to focus on further deepening reform and expanding high-level opening-up, in order to promote high-quality development and advance Chinese modernization.

The navies of China and Russia are holding a joint exercise in the South China Sea and a joint maritime patrol in the Pacific Ocean in moves experts said on Sunday aim to enhance military cooperation and safeguard peace and stability.

The China-Russia Joint Sea-2024 joint naval exercise kicked off on Sunday at a naval port in Zhanjiang, South China's Guangdong Province with an opening ceremony, the news center of the Chinese People's Liberation Army (PLA) announced on social media platforms on Sunday.

The Chinese and Russian joint warship formation will conduct live-fire drills in multiple training courses including joint stationary defense, joint reconnaissance and early warning, joint search and rescue as well as joint air defense in waters and airspace near Zhanjiang, said the news center of the PLA.

Facing the South China Sea, Zhanjiang is home to the headquarters of the navy of the PLA Southern Theater Command, according to publicly available information.

The Chinese side is sending the Type 052D destroyer Nanning, Type 054A frigates Xianning and Dali, Type 903 comprehensive supply ship Weishanhu and shipborne helicopters and marines, while the Russian side is sending the corvettes Gromkiy and Rezkiy as well as the Irkut oiler, China Central Television (CCTV) reported.

Senior Colonel Zhang Xiaogang, spokesperson at China's Ministry of National Defense, said in a press release on Friday that the exercise, which is scheduled to last until mid-July, is to demonstrate the resolve and capabilities of the two sides in jointly addressing maritime security threats and preserving global and regional peace and stability, and it will further deepen the China-Russia comprehensive strategic partnership of coordination for the new era.

The Chinese Defense Ministry also announced on Sunday that a China-Russia warship formation recently launched their fourth joint maritime exercise in waters in the western and northern Pacific Ocean, which does not target a third party and is not related to the current international or regional situations.

The warships featured in the joint patrol are for the most part different from those featured the joint exercise, according to a July 4 report by the Russian News Agency Tass on the joint patrol, which said that the joint patrol featured the Russian corvette Sovershenny, the PLA Navy's Type 052D destroyer Yinchuan, Type 054A frigate Hengshui and Type 903 replenishment ship Weishanhu.

Different vessels and different locations indicate that the joint drill and the joint patrol are two separate events, a Chinese military expert who requested anonymity told the Global Times on Sunday.

The joint drill and patrol show a wide spectrum of China-Russia naval cooperation, as the two countries can send many warships to different waters simultaneously, the expert said.

Zhang Junshe, another Chinese military expert, told the Global Times that the China-Russia joint naval activities are routine.

Both countries are permanent members of the UN Security Council that shoulder the responsibility of safeguarding world peace and stability, both countries advocate true multilateralism, and both countries oppose hegemonic acts and bloc confrontations in international relations, Zhang said.

China's cyberspace watchdog announced on Saturday the launch of a two-month campaign aimed at improving the online environment for minors over this year's summer vacation period. The campaign focuses on addressing negative content including fake videos about campus bullying, to create a more positive and secure online environment for young people.

According to the Cyberspace Administration of China (CAC), the campaign is targeting prominent issues in six areas, starting with negative activities on short videos and livestreaming platforms. The authority listed examples of violent and bloody content, fabricated videos depicting campus bullying, as well as exploiting internet celebrity children for profit, or inducing minors to participate in livestreaming.

Posting information on social platforms that encourages toxic friendships, promotes illegal websites, or spreads vulgar language will also be regulated, the CAC said in a notice, as well as the content that promotes unhealthy values to minors, or incites conflicts between parents and children or teachers and students.

Furthermore, the sale of soft porn hand dolls to minors on e-commerce platforms, the use of child models in indecent poses and suggestive actions, and the enticement of minors to third-party platforms under the guise of selling anime dramas or electronic games to access illegal violent content are all activities targeted by this campaign, the CAC confirmed.

The internet regulator also cited examples of misconduct in the app store, such as the use of similar logos and names to create counterfeit apps targeting minors in order to spread illegal and harmful content. The apps involved in pornography and gambling by embedding illegal software will also be regulated, as well as those designed for learning but stray from their intended purposes and promote content that violates regulations.

For children's smart devices, cases that will be cracked down on include: the device's pre-installed apps containing content that may affect the physical and mental health of minors; a lax review of information provided by third-party apps, leading to the presence of harmful content; providing apps or features such as appearance comparison and fortune-telling that are not suitable for minors; and using points rankings as a means to induce minors to spend money on unnecessary purchases.

The CAC will also strength regulations over "child mode" settings, which refers to a system that regulates the online behavior of minors in terms of usage period, duration, functions, and browsing content. While in "child mode," content that induces minors to imitate unsafe behaviors or develop bad habits will be addressed, as well as the incomplete escape prevention measures in the mode, which allow minors to exit without verification.

The cyberspace watchdog emphasized that a clean online environment is crucial for the healthy development of young people, and vowed to target illegal platforms and accounts, improve the protection mechanism for minors on various platforms, so as to maintain a positive online ecosystem.

With the approach of the 8th anniversary of the so-called South China Sea arbitration awards, a ruling in 2016 that challenged China's claims in the waters and seriously violates international law, Anthony Carty, an Irish scholar of international law and author of "The History and Sovereignty of the South China Sea Islands" stressed in a recent interview with the Global Times that the Philippines has no right to claim the sovereignty over the South China Sea and archival evidence supports China's claims over a number of islands.

"I don't see why on earth or how the Philippines can claim any a sovereignty over any islands in the south China sea. The French archives, the British archives, the Chinese archives, the American archives, and the Japanese archives are all agreed that the Filipinos have no territorial claim," said Carty. 

"I don't understand why they [the Philippines] would want to bring or how they could bring a claim that the reefs 'belonging to them' would be damaged, because that would directly involve a question of sovereign title, and there is no compulsory jurisdiction under article 86 of the United Nations Convention on the Law of the Sea. Because it is a law of the sea convention and a territorial title would not be adjudicable."

Carty, an expert in international law, believes that China should maintain its stance and that its legal position is justified. His book presents extensive historical evidence backing China's sovereignty claims over the islands in the South China Sea.

His research delved into the archives of the French and British foreign ministries, spanning the period from the 1880s to the late 1970s. The findings revealed a consensus among legal experts from both countries, indicating that the Xisha and Nansha Islands rightfully belong to China, the Xinhua News Agency reported.

According to the expert, the so-called South China Sea arbitration of 2016 is a "chaotic and manipulative use of international law," "a case of double standards," and "a legal trick."

The scholar does not believe the international judiciary behaved objectively. "The political considerations will always come into play, which is why, as I've already stated, Carlo Santulli, the director of the Paris Institut des Hautes Etudes Internationales , said the 2016 tribunal is obviously a NATO tribunal," he told the Global Times.

"One is basically relying upon the idea that the judges are appointed by countries. The tribunal in 2016 had a German judge, a French judge, a Dutch judge and a Polish judge and then an African chair person. They may not be in any way consciously biased, but inevitably they're colored by the countries that they come from. So the whole idea of international adjudication is problematic," Carty noted.

The law professor highlighted that Washington has been trying to uphold its dominance and create instability in the Asia-Pacific region by using its regional allies to provoke China in the South China Sea. 

"There is absolutely no doubt that this whole dispute is entirely about the Americans trying to make life difficult for the Chinese. The aggression that is building up against China and the scapegoating of China by the whole of the so-called democratic community of the world is appalling," he told the Global Times in a previous interview.

It's obvious that the United States has been interfering with and shaping Filipino policies since they conquered the Philippines and wiped out the Filipino independence movement in 1900, he added.

The argument about China being an "assertive and aggressive" power and a "revisionist" power in some Western or Philippine narratives is simply "slanderous abuse," he said. "And it's very worrying because it definitely implies a willingness on the part of the West to use force against China. It represents a complete collapse of any kind of civilized diplomacy.

The Supreme People's Court (SPC), China's top court, on Wednesday issued its first batch of typical cases for clarifying and applying extraterritorial laws after the country in 2023 adopted judicial interpretations on the applicability of international treaties and practices in handling overseas-related civil and commercial cases.

"These typical cases are highly representative and have important guiding significance for enriching the practice of identifying extraterritorial laws and clarifying the rules for identifying extraterritorial laws," the SPC said.

The release of typical cases is believed to have great significance for continuously creating a market-oriented international first-class business environment under the rule of law in China and enhancing the international credibility and influence of China's judiciary.

The five released typical cases involve common types of overseas-related civil and commercial cases such as company investment, sales contracts, guarantee contracts, multimodal transport contracts and engineering supervision contracts.

Laws of countries and regions including the US, the UK, Mexico and Tajikistan, as well as the Hong Kong Special Administrative Region are included, the SPC said.

In December 2023, the SPC released a set of judicial interpretations on the applicability of international treaties and practices in handling overseas-related civil and commercial cases in China. 

The interpretations provide courts in China with the basis for appropriately handling overseas-related civil and commercial cases, said an official with the SPC. The official added that it is expected to improve the quality of China's overseas-related judicial practice and enhance China's judicial credibility and its influence in the international community.

Wan Miaoyan, director of Sichuan Dingchi law firm, told the Global Times that the released typical cases mirror examples of judicial progress in China.

China's law for overseas-related civil relationships was established in accordance with international legal norms, presenting characteristics of openness and inclusiveness in legislation. The identification of extraterritorial laws in overseas-related cases is a fundamental prerequisite for determining the basic legal facts of a case and making a fair judgment, Wan said.

From the released cases, we can tell that the courts in overseas-related judicial trials have accurately identified and applied the extraterritorial laws, international treaties and international customs most closely related to those cases. It greatly increases the confidence and evaluation of foreign investors in China's investment environment, trade environment and judicial environment, Wan said. 

According to the SPC, in a contract dispute between a medical company from Hong Kong and another medical company from the UK, the extraterritorial laws provided by the parties contained a large number of materials such as statute law, case law and legal works, and there were great disputes between the parties on the content, understanding and application of extraterritorial laws. 

The court handling the case did not simply hold that extraterritorial laws could not be ascertained. But through comprehensive analysis and careful comparison, the extraterritorial law has been prudently identified.

The SPC said that expanding and diversifying the ways of ascertaining extraterritorial laws is a key link in solving the difficulties of ascertaining extraterritorial laws. Generally speaking, any reasonable means that are beneficial to ascertaining extraterritorial laws can be utilized to ensure the accurate application of extraterritorial laws to resolve disputes between parties. 

In one case involving a financial loan guarantee contract dispute between a branch of a bank in East China's Zhejiang Province and a technology company in Hong Kong region, which held shares in a company registered in the US, the court, upon the parties' request, entrusted an extraterritorial law research center to ascertain the legal issues of multiple legal domains involved in the case, effectively resolving multiple legal disputes in one go.