The Resolution of the Central Committee of the Communist Party of China (CPC) on Further Deepening Reform Comprehensively to Advance Chinese Modernization, recently adopted at the third plenary session of the 20th CPC Central Committee, has made an important commitment to developing a financial system for scientific and technological innovation to provide greater support for major national science and technology programs and sci-tech small and medium-sized enterprises (SMEs).

The sci-tech innovation board of the Shanghai Stock Exchange, also known as the STAR Market, celebrated its fifth anniversary in June. 

Over the past five years, as a testing ground for China's capital market reforms, the STAR Market has continuously improved in areas such as registration-based IPO, market trading, supporting systems, delisting mechanisms, and the protection of rights and interests. It has successfully completed the task of implementing comprehensive registration-based IPO reforms, effectively played the role of market-price discovery, and provided successful experiences for other market players to learn from.

The positioning of the STAR Market is clear, focusing on high-tech innovative enterprises that serve the national strategic direction, support the development of a large number of major technology frontier enterprises, and providing capital support for the development of the real economy and the transformation of economic structure. 

In the continuous adjustment and improvement of the guiding system for the sector, the positioning of the STAR Market to support the development of core innovations is becoming increasingly clear.

Currently, the STAR Market has completed approximately 570 IPOs, generating a total market value of about 4.9 trillion yuan ($686 billion). The market is operating smoothly, liquidity is gradually increasing, and it continues to provide financing support for high-tech innovative companies.

The STAR Market has attracted a large number of enterprises belonging to a new generation of information technology, bio-medicine, and advanced equipment manufacturing sectors, continuously opening up more convenient financing channels and more mature trading mechanisms for technology innovation enterprises at the institutional level. This enhances investment convenience and international openness, continuously providing capital support for listed companies. 

The reform of the STAR Market covering various aspects such as IPOs, listing, trading, mergers and acquisitions, and delisting is all gradually maturing. 

The diversified and inclusive listing conditions of the STAR Market meet the differentiated financing needs of different types of sci-tech enterprises. The market-oriented pricing mechanism for IPOs and the trading mechanism in the early stage of listing have been implemented. 

At the same time, the STAR Market has carried out targeted innovative explorations in refinancing, mergers and acquisitions, equity incentives, shareholding reduction, information disclosure, and continuously optimized and improved them.

Currently, the average price-to-earnings ratio of companies listed on the STAR Market is significantly higher than that of the two main trading bourses in Shanghai and Shenzhen, and slightly higher than that of the board of growth enterprises - ChiNext Index. However, their liquidity and activity remain below where market observers expect it to be.

The reason behind this is that the STAR Market serves technology innovation companies that meet national strategic requirements, break through key core technologies, and have high market recognition. 

These listed companies have strong development potential, but often require further development and long-term support. In a market with the structure of investors dominated by individuals, the current liquidity is a normal phenomenon. Furthermore, the STAR Market's level of openness is still increasing, and the channel for foreign capital entry will open up further.

In the future, through a series of institutional and structural optimizations, the STAR Market will play a greater role in leading China's high-quality economic development and solving the "bottleneck" problem in sci-tech development. 

These measures could include adhering to information disclosure obligations, guiding companies to gradually move toward market-based pricing for IPOs, reducing market sentiment disturbances; continuously improving trading mechanisms, expanding financial product offerings, guiding long-term funds into the market; increasing institutional openness, introducing international capital, continuously expanding the connectivity mechanism; accelerating the improvement of delisting channels, increasing the delisting rate, ensuring market liquidity, and forming a healthy competition mechanism.

With a potential Cold War-style missile crisis looming, Europe is being drawn into another arms race. Whether to follow the US into the vortex of military confrontation with Russia or to build a defense framework that meets the security interests of all parties, Europe should now make choices.

Russian President Vladimir Putin warned on Sunday that Moscow would resume the production of intermediate-range nuclear weapons and station similar missiles within striking distance of the West if the US deploys long-range missiles in Germany. Earlier this month, during the NATO summit in Washington, the US announced that it would begin deploying long-range missiles in Germany from 2026, prompting concern from the Russian side.

With the US and Russia now talking tough about missile deployment, a Cold War-style missile crisis, as Putin warned, seems imminent. Previously, the existence of the 1987 Intermediate-Range Nuclear Forces (INF) Treaty, an important guardrail to limit the escalation of conflict between the two countries, allowed Moscow and Washington to spare the world the fear of missile crises in the post-Cold War era.

However, the decision by both sides to withdraw from the INF Treaty in 2019 has significantly increased the likelihood that the deployment of intermediate-range ballistic and cruise missiles by the two countries will become a reality. The world is worried: How far are we from hearing "tough words" from the US and Russia to actually witnessing their "tough actions"?

Against this backdrop, it is feared that the biggest potential victim could be Europe. Commenting on Washington's possible deployment of missiles, Kremlin spokesman Dmitry Peskov recently said Russia has enough potential to deter these missiles, but NATO members in Europe are only serving as targets in the standoff, as Washington continues to "profit" from the escalation.

With the Russia-Ukraine war, distrust of Russia in many European countries is driving growing public support for strengthening defenses against the country. However, Washington, which has almost overwhelming influence in Europe, has played a major role in fomenting, promoting, and even leading such efforts on the continent. It is increasingly drawing Europe into its global military confrontation with Moscow.

Europe, a region that has already experienced two world wars and is used to focusing mainly on economic development, is now turning into a continent with intensified military and war preparations and closer integration with the US' war machine NATO. 

If Europe follows Washington's aggressive military security concepts and US deployments, it will only result in serious damage to the European security structure and the possibility of greater insecurity. The deployment of US weapons in Europe will inevitably turn the continent into a battlefield and even the first target of Russia's strikes. In the end, as Peskov put it, the US will benefit while European countries and Russia will suffer.

Under US influence, Europe is falling into a vortex of confrontation with Russia. So far, the region has not considered how to form a future security relationship with Moscow, with many European countries simply excluding Russia from their post-war security structures. Instead of building a more secure defense mechanism, Europe is now moving toward not only a more confrontational structure with military preparations, but also a strategic dilemma of growing insecurity.

A more rational Europe would stay out of engaging in the US-Russia arms race and serving the role of Washington's proxy. If a direct conflict between Russia and Europe breaks out, Europe will suffer severely in various aspects while Washington will benefit from Europe's protracted arms race with Russia. Therefore, the European countries should not accept the US' policy as Europe's policy, but pursue their own independent foreign policy.

At the same time, the international community should also encourage negotiations between the US and Russia on strategic stability and arms control, including a new INF Treaty and New START. After all, a Cold War-style missile crisis threatens the peace and development not only of Europe, but of all mankind.

As Chinese athletes have made history in the Paris 2024 Olympic Games with a tennis singles gold medal and a mixed doubles silver - the best results in relevant events - the country is witnessing a "tennis economy" that is gaining momentum in the summer season. 

Sales of tennis training courses more than doubled in July, and most hot time slots for tennis courts in first-tier cities like Beijing and Shanghai were fully booked in recent days, the Global Times learned. Observers said that these trends underscored the increasing popularity of tennis among Chinese sports enthusiasts. 

The historic achievements of Chinese tennis players at the Paris Olympic Games are expected to further ignite the craze, fueling the country's sports consumption, while opening up a prodigious market for sports training and tennis equipment sales, industry insiders said.

Tennis ace Zheng Qinwen defeated Donna Vekic of Croatia 6-2, 6-3 for the women's singles gold on Saturday. It was China's first tennis singles gold medal in Olympic history. 

On Friday, Zhang Zhizhen and Wang Xinyu claimed the silver medal in the mixed doubles, also the country's best result in the history of the Olympic Games.

A market operation executive surnamed Zhang at the Beijing-based Bai Dong Tennis Academy told the Global Times on Sunday that driven by this year's Olympic fever, the company's tennis academy enrollments are on the rise, with heightened interest from young players during the summer holidays.

"The Chinese tennis team's impressive performance at the Olympics generated widespread attention, and star athletes, such as Zheng Qinwen, are setting inspiring examples for tennis enthusiasts, particularly among young people, and are poised to boost the sport's popularity," Zhang noted. 

Aaron Cao, CEO of the Beijing International Tennis Academy, told the Global Times on Sunday that China's historic tennis breakthrough will drive a rise in court bookings and training lesson registrations, and it may also encourage previously hesitant parents to consider enrolling their children in tennis programs.

Consultations for tennis training courses are already on the uptick in recent days, the Global Times learned from several Beijing-based tennis training institutions. Some also posted photos of Zheng's victory moment either in their commercials or social media accounts to garner more public attention. 

The overwhelming demand for tennis court reservations is further evidence of Chinese sports fans' growing appetite for tennis. 

The Global Times learned from the Beijing Tennis Administration Center that tennis courts managed by the center are fully booked from Sunday to Thursday. According to data from e-commerce platform Meituan, tennis experience classes and quarterly tennis training packages are among its top sellers, with group-buying orders related to tennis jumping by 172 percent year-on-year since.

Data from another platform, vip.com, showed that sales of tennis skirts are up 91 percent year-on-year. Searches for tennis skirts at Tmall also soared 256 percent during this year's June 18 shopping carnival. 

Fu Zijun, a 25-year-old Shanghai tennis lover, has placed orders online to buy more professional tennis gear, as she was thrilled and deeply inspired by Zheng's perseverance and conviction. She is also preparing to sign up for a formal adult training course. 

"With improved living standards and better service quality, tennis is becoming more accessible and appealing in China, shedding its previous image as an elite sport," Fu said.

According to a report published by the International Tennis Federation (ITF), China ranked second globally in tennis participation after the US with 19.92 million participants in 2021, accounting for 22.9 percent of the global tennis population.

The Chinese team's success in the Paris Olympics is set to invigorate the country's tennis economy, accelerating growth in the mass fitness market and delivering significant benefits to the tennis training, management and equipment sectors, Zhang Qing, founder of Beijing-based Key-Solution Sports Consulting Co, told the Global Times on Sunday. He also highlighted the considerable potential for the growth in the tennis sector, taking account of China's 1.4 billion population. 

"It is expected to have a cross-industry impact with long-term and far-reaching effects, stimulating enthusiasm among consumers and creating numerous opportunities for relevant industry growth," Zhang said. 

"Rising interest in the sport is evident as tennis events become buzzwords online, signaling the public's deeper engagement in playing tennis. It also reflects an upgrade in sports demand in China and a diversification in sports consumption," Zhang added.

Industry insiders anticipate that the number of tennis training institutions and tennis courts will expand amid the booming "tennis economy," and that in turn will further propel the development of Chinese tennis players.

China has the second-highest number of tennis courts in the world, totaling 49,767 in 2021, the ITF report showed. 

A man surnamed Liang was caught entering the Chinese mainland with a backpack carrying a six-kilogram exotic tortoise, according to China's General Administration of Customs on Tuesday.

Liang from Macao entered the border on July 23 through the green channel at Gongbei Port, where customs officers discovered that he was carrying a conspicuously heavy and unusual backpack, attempting to bypass the X-ray machine inspection. 

The port officers were quick to intercept him.

The officers found a large living turtle with yellowish-brown dorsal armor and obvious annual ring-like texture in his backpack, which was about 40 centimeters in length and weighed six kilograms. The man was unable to provide legal documents, resulting in customs temporarily detaining the live turtle in accordance with the law.

Following identification by a professional organization on July 28, the large live tortoise intercepted by customs was confirmed to be an African spurred tortoise, which is an endangered and exotic species.

The live turtle will be handed over to relevant local authorities in accordance with the law. Customs reminded the public that no foreign species shall be introduced without authorization according to relevant regulations, and it is prohibited to bring or send live animals into the Chinese mainland. In case of violation of the regulations, customs will pursue legal responsibility according to the law.

My Little Pony trading cards have gained immense popularity among elementary school students in China. The cards are sold in a blind-box format, and the rarest cards, known as high-tier cards, have recently been priced at 160,000 yuan ($20,000) on the secondary market.

"Although rumors claim some cards are priced that high, actual transaction prices are much lower. Most cards sell for just a few to several dozen yuan. These sky-high prices are mostly hype created to attract attention and generate traffic, and actual transactions rarely reach such amounts," Miao Cai, a seller on an online trading platform for card games, told the Global Times.

A few years ago, when the craze for Ultraman cards was still strong, My Little Pony cards quickly became a new popular collectible among elementary school students.

This phenomenon is attributed to the diverse range of cards and the blind-box sales method, which has attracted many children to buy, collect and trade them.

In physical stores, stationery and toy shops have prominently displayed My Little Pony cards to cater to children's demands. Online platforms also feature these cards prominently, with some video bloggers drawing large audiences by livestreaming card packet openings.

Miao said the cards are so popular because children make connections within their peer groups by collecting and trading cards. "Those involved in card collecting can more easily integrate into social circles, while those who do not participate might be left out. This social mechanism leads kids to become self-driven promoters of the cards, with minimal additional marketing needed from the companies," Miao said.

Miao pointed out that the supposed rarity of certain cards adds to their allure. "Children who own more rare cards tend to gain more attention and admiration. This scarcity and financial investment amplify the perceived value of the cards."

"The process of opening [packets of] cards is filled with uncertainty and anticipation. Children may continue to buy cards due to curiosity and a sense of adventure. This mindset is similar to gambling, as kids often hold onto the belief that the next pack might contain a rare card, making it difficult for them to stop buying," Miao noted.

Netizens on social media generally believe that while collecting cards reflects children's curiosity and exploration, excessive obsession can affect their studies and social relationships. Instead of outright banning card collecting, parents can guide their children to understand the commercial logic behind the cards.

One generation's My Little Pony cards may eventually be replaced by new trends, but this phenomenon is not unusual. The key is to balance interests with other aspects of life, avoid blindly chasing transient fads and maintain rational consumption.

Japanese and US defense chiefs and top diplomats met in Tokyo on Sunday for talks to boost military cooperation, including upgrading US forces command and reaffirming the US' commitment to "extended deterrence." The move doubles down on the US' intention of using Japan as an outpost in the Asia-Pacific region to boost its nuclear deterrence to contain countries such as China and elevate the role of the Japan Self-Defense Forces in the US-Japan military alliance. 

However, this will put Tokyo in the front line of a counterattack from other countries, including a nuclear conflict, said Chinese observers. Moreover, the enhanced US-Japan alliance will likely provoke a new round of arms race in tactical nuclear weapons in the region, experts said. 

US Secretary of State Antony Blinken arrived in Japan on Sunday as part of an Asia-Pacific tour. Blinken and US Defense Secretary Lloyd Austin held 2+2 talks with Japanese Foreign Minister Yoko Kamikawa and Defense Minister Minoru Kihara, according to a joint statement released by the Pentagon.

The ministers stressed the importance of continuing to enhance US extended deterrence, the joint statement said.

This includes atomic weapons, marking a shift from Japan's earlier reluctance to openly discuss the sensitive issue in the world's only country to have suffered nuclear attacks, AP reported.

Ever since the end of WWII, Japan has been under the US nuclear protection umbrella, yet reaffirming this "extended deterrence" this time signals Washington's intention of using Japan as an outpost to strengthen its nuclear deterrence in Northeast Asia, Wei Dongxu, a Beijing-based military expert and media commentator, told the Global Times on Sunday. 

Wei said such a concerning move not only completely overturns Japan's war-renouncing constitution, but all policies related to Japan's exclusively defense-oriented strategy will be completely breached. 

"If the US were to use Japan's bases to conduct tactical nuclear strikes, when other countries retaliate, they are likely to retaliate with nuclear weapons as well. Targets would likely include US military bases in Japan, effectively dragging Japan into the risk of nuclear conflict," Wei said.

The joint statement also announced that the US intends to reconstitute US Forces Japan as a joint force headquarters reporting to the Commander of US Indo-Pacific Command.

This move further ties Japan to the war chariot of the US, where they must advance and retreat together, Lü Chao, a Korean Peninsula expert at the Liaoning Academy of Social Sciences, told the Global Times. He said criticizing China as threat just allows US to intervene with excuses like "extended deterrence" during the so-called crisis in Taiwan Straits and South China Sea and provide a pretext for extending nuclear threats to the entire Asia-Pacific region, which is dangerous. 

Xin Qiang, director of the Taiwan Studies Center at Fudan University, said the upgrading of the US command showcases a new level of the US-Japan military alliance. Once the command is upgraded, it will enhance the role and status of the Japan Self-Defense Forces within the alliance, Xin said.

He said this will further accelerate Japan's military dvelopment and the exercise of collective self-defense rights to engage in a potential warfare in the future.

Austin and Kihara also met their South Korean counterpart, Shin Won-sik, for talks in Tokyo on Sunday where they signed an agreement to "institutionalize" trilateral cooperation via efforts like real-time sharing of North Korean missile warning data and joint military exercises, media reported.

Later on Monday Blinken and Kamikawa will meet Indian Foreign Minister S. Jaishankar and Australia's Penny Wong, their counterparts in the Quad, an alliance seen as a bulwark against Beijing.

Chinese experts said that Blinken's Asia tour clearly aims at challenging China. The US has been making efforts to form a NATO-like alliance in Asia, Xin said. 

Editor's Note:

The recently released communique from the Third Plenary Session of the 20th Communist Party of China (CPC) Central Committee laid out an unequivocal commitment to comprehensively deepening reform to advance Chinese modernization. As China prepares to implement further reforms aimed at promoting high-quality economic development, the global community is scrutinizing every aspect of the Chinese economy. Zhong Ninghua, the head of the Department of Economics and Finance at Tongji University, provides insights on China's export growth in the face of global challenges.

Despite facing a number of external uncertainties, China's exports continue to grow, attracting much attention. Total exports have steadily expanded from 17.24 trillion yuan ($2.5 trillion) in 2019 to hit 23.77 trillion yuan in 2023. 

Meanwhile, the past several years have also witnessed a noticeable trend of diversification in both export destinations and shipped products. From January to May 2024, China exported 1.39 trillion yuan of goods to the US, which grew by 3.6 percent year-on-year. 

Due to sticky inflation in the US, affordable Chinese products have helped American households lower living costs and enhance their purchasing power, particularly benefiting the middle- and low-income groups there. These benefits have driven the overall rise in Chinese exports to the US.

From January to May 2024, China's exports to ASEAN countries totaled 1.67 trillion yuan, up 13.5 percent year-on-year, with notable increases to Laos, Vietnam, Cambodia, and Indonesia. And, China's exports to Central Asian nations and Arab countries have also witnessed marked growth.

Helped by the diversification bid in export destinations, the range of China's export shipments has broadened. Years ago, clothes, furniture, and home appliances dominated Chinese exports. In 2023, electric vehicles, lithium-ion batteries, and solar panels became the country's fastest-growing export items, totaling 1.06 trillion yuan in value, an increase of 29.9 percent year-on-year. 

The rising exports of Chinese new-energy products will greatly support the global green transition.

Private and foreign-invested enterprises have played a premium role in China's exports. In 2023, the number of foreign trade dealers exceeded 600,000 for the first time, including 556,000 private enterprises. The establishment of 21,764 new foreign-invested enterprises in the first five months of this year marked a 17.4 percent year-on-year increase. 

As China adjusts its export structure, many foreign firms are reshaping their investment strategies in the country. Production lines are shifting from mobile phones, computers, and home appliances to high-tech products, including new digital displays and high-end electric batteries. Notably, investments in scientific research and technological development by foreign firms continue to grow. 

In the first five months this year, China's manufacturing sector attracted 117.1 billion yuan of foreign investment, with high-end manufacturing drawing 50.41 billion yuan. The progress echoes with China's robust industrial and supply chains, which cover a wide variety of emerging fields, typically the new-energy vehicles.

Against a complex global geopolitical background, Chinese companies are expanding investments across many regions in order to access larger international markets. In 2022, China's total outbound direct investment reached 985.37 billion yuan. In 2023, the investment exceeded 1 trillion yuan, marking a 5.7 percent year-on-year increase, with a focus on investing in markets like Southeast Asia, Africa, and Latin America. 

The rising Chinese investments have helped drive local economic development and created many job opportunities.

Now, some Chinese companies are transforming into multinational corporations, deeply participating in the global supply chain, and integrating global resources such as raw materials and components. By bringing Chinese technology and innovations to other countries, Chinese companies are helping upgrade local industries.

Additionally, global warming is accelerating. Addressing the grave climate challenge calls for establishing an integrated trade system in the world, for such a system facilitates economic integration, benefits the disadvantaged populations, and helps promote green, low-carbon development.

On Tuesday, Beijing became the focal point of global diplomacy. Representatives of 14 Palestinian factions signed the Beijing Declaration on Ending Division and Strengthening Palestinian National Unity, historically announcing the end of division and the strengthening of Palestinian unity. On the same day, Ukrainian Foreign Minister Dmytro Kuleba began his visit to China, marking the first visit by a Ukrainian foreign minister since the outbreak of the Russia-Ukraine conflict. Parties from two of the world's most significant conflict regions simultaneously seek political solutions in China, forming a "diplomatic resonance." One netizen commented, "The world is in tatters, and China is stitching it back together." While these words may not be entirely accurate, they vividly reflect China's efforts to fulfill the Global Security Initiative and address the deficit in global peace.

The Israel-Palestine conflict and internal Palestinian divisions involve extremely complex backgrounds and interests, making the reconciliation process long and tortuous. The gathering of 14 Palestinian factions in Beijing for reconciliation talks has been met with cautious optimism by mainstream international media. The announcement of the Beijing Declaration immediately shocked international public opinion. Mustafa Barghouti, secretary-general of the Palestinian National Initiative, stated that the Beijing Declaration goes "much further" than any other reached in recent years. The scene of representatives from 14 factions signing the declaration marks an important historical moment in the Palestinian liberation movement and brings valuable hope to the long-suffering Palestinian people.

The Beijing Declaration is a crucial step toward resolving the Palestinian issue and achieving peace and stability in the Middle East. It is also the first time that an internal Palestinian reconciliation document has been organized by a country outside the Arab world. When asked why this conflict can only be resolved in Beijing rather than elsewhere in the world, Mustafa Barghouti said it is because China is "very decent and honest." The sincere efforts made by China to support the rights of the Palestinian people, end division and unify the Palestinian stance have been highly praised by all factions in the Beijing Declaration, which is well-deserved.

The Beijing Declaration also holds transcendent significance. From achieving historical reconciliation last year between Iran and Saudi Arabia to today's Beijing Declaration, the world has witnessed a broader range of possibilities and gained immense confidence. The new security path advocated by China - dialogue rather than confrontation, partnership instead of alliance, and win-win cooperation instead of zero-sum games - has proven to be viable. A world characterized by lasting peace, universal security, common prosperity, openness, inclusiveness, and ecological beauty is attainable. Unraveling knots does not require the sword. Beyond isolation, pressure, sanctions, confrontation, interference, aggression, and mutual destruction, humanity has another path: resolving complex and difficult issues through dialogue and cooperation. Humanity does not have to repeat the mistakes of the past and is not bound to the historical cycles of war and peace, prosperity and decline, order and chaos. The Global Security Initiative advocated by China is a beacon of hope.

The progress in Palestinian internal reconciliation also provides insights into the ultimate resolution of another conflict. Besides discussing China-Ukraine bilateral relations, a key focus of Kuleba's visit to China is seeking ways to end the Ukrainian crisis in discussions with China. Before his trip, Kuleba recorded a video for Chinese netizens, expressing his hope for "real and just peace" and for Ukraine to "restore stable development and prosperity, and security for the people." Promoting a peaceful resolution to the Ukrainian crisis is a consistent stance of China, which has also made significant efforts toward this goal. The door to peace remains open, and for the international community, it is crucial to work toward encouraging peace talks rather than the opposite.

Peace cannot be achieved overnight, and China is aware of the difficulties along the way. However, as long as it benefits the world and its people, China feels an unshirkable responsibility. Currently, the parties involved in the world's two major regional conflicts are in China, both seeking goals related to "peace." This is not coincidental. China's impartial stance, free from selfish motives or interests, has garnered increasing trust from the international community. As a value system and methodology that China offers for global peace, the Global Security Initiative transcends geopolitical and ideological differences, and is the greatest common denominator for all parties seeking peace and reconciliation. Each successful practice of the GSI attracts more like-minded partners and continually validates the ancient Chinese saying: "Virtue is not left to stand alone, and he who practices it will have neighbors."

China has shown major bright spots of continued improvement across industrial production and exports, tied with robust consumer spending throughout the second quarter of this year, reflecting the resilience of the Chinese economy amid challenges, a quarterly report released by the China Finance 40 Forum, a Chinese think tank, said.

The report warned that the current economy still faces headwinds from insufficient domestic demand, adding that more powerful policies need to be introduced.

Value-added high-tech industries increased by 8.7 percent in the first half of the year, higher than the growth rate in the same period last year and the whole year last year. Divided into major categories, production in sectors such as mining and manufacturing have all improved with cumulative added value increasing by 2.4 percent and 6.5 percent, respectively.

From a consumption perspective, consumer spending rose to 65.6 percent in the second quarter, an increase of 0.8 percentage points from the second quarter of 2023, reflecting a more vibrant retail economy, the report noted.  

From the perspective of foreign trade, in the first half of the year, both China's imports and exports and trade surplus hit a record high, as exports continued to improve.

The report came after a half-year economic data was released, as China's GDP expanded 5 percent to reach 61.68 trillion yuan ($8.49 trillion) in the first half, demonstrating the resilience and innate strength of the world's second-largest economy.

Among the figures released, retail sales of consumer goods in the first six months were up 3.7 percent, and fixed-asset investment edged up by 3.9 percent. Investment in high-tech industries surged by an impressive 10.6 percent year-on-year.

China's economy has remained stable despite a complex global and domestic environment, achieving parallel growth in quantity and in quality. The figures paint an optimistic portrait of the country's economic performance, according to the National Bureau of Statistics.

The current macroeconomic situation is still facing insufficient domestic demand, Zhang Bin, a non-resident senior fellow at the China Finance 40 Forum and deputy director of the Institute of World Economics and Politics of Chinese Academy of Social Sciences, told the Global Times. 

In addressing how to kickstart demand, Zhang suggested that a more proactive broad fiscal policy should be formulated, especially efforts should be made to achieve the annual budget expenditure growth target and boost the financial resources available to local governments.

The report warned that the economy has not yet emerged from a state of low inflation, and the squeezing effect of local government debt and other factors on local government revenue cannot be alleviated as soon as possible, resulting in a weak recovery of the consumption.

Cash flow of real estate companies has not significantly improved, and real estate debt pressure may endanger future financial stability, the report noted. 

China will employ a raft of policies to expand and strengthen its big data industry, in an effort to unleash and enhance social vitality and boost the digital economy, the National Data Administration (NDA), said on Monday.

Improving institutional systems and regulations, fostering a unified national big data market and promoting the market-oriented allocation of data resources are at the top of the agenda, according to Liu Liehong, head of the NDA.

"We should better leverage the market mechanism to cultivate and strengthen big data enterprises, improve the ecosystem of data circulation and transaction services, and create a competitive, orderly and vibrant big data industry," Liu said.

Experts said that the move is part of China's efforts to prioritize institutional reforms, aiming to unleash the potential of the country's vast big data resources and transform them into a new competitive advantage.

Fostering and enhancing the big data industry ecosystem is crucial for driving the growth of the digital economy and reshaping China's economy for innovation, they said.

China attaches great importance to the cultivation of sectors related to big data, according to Zhang Wang, an NDA official.

The administration is working to promote the industry's development by creating a fairer and more dynamic market environment, and supporting these enterprises to accelerate their development in resource aggregation, technological innovation, product services, circulation and trading, and infrastructure.

The NDA is coordinating the construction of a digital China, digital economy and digital society to better serve the country's high-quality development, Liu added.

Liu also announced that the China International Big Data Industry Expo 2024 will be held in Guiyang, the capital of Southwest China's Guizhou Province, from August 28 to 30.

During the expo in Guiyang, the NDA will release reports on its achievements since its establishment in a series of press conferences, Liu said.

According to experts, the big data industry is the cornerstone and backbone of the digital economy. It is a rapidly growing sector that specializes in managing and utilizing large volumes of data for various purposes. It plays a crucial role in harnessing the power of data to drive innovation, improve efficiency, and drive economic and social progress, Pan Helin, a Beijing-based veteran economist, told the Global Times on Monday.

China's digital economy has grown rapidly in recent years, reaching 50.2 trillion yuan ($6.9 trillion) as of the end of 2022, equivalent to 41.5 percent of the country's GDP, the Xinhua News Agency reported.

The digital economy continues to grow in terms of volume. In 2023, China's data output reached 32.85 zettabytes, up 22.44 percent year-on-year, while the added value of core digital economy industries was equivalent to 10 percent of GDP.

Since its launch in October 2023, the NDA has promoted reforms related to the market-oriented allocation of data elements. For example, in November 2023 the NDA said it would explore the implementation of a "Data Element X" initiative, focusing on unleashing the multiplier effects of data across a range of scenarios and facilitating the transformation of China's advantage in basic data resources into new economic strengths.

As China stands at a pivotal juncture in its economic transformation, digital economy and sharing economy platforms have emerged as key drivers in the overall economic landscape. Ge Jun, co-chair of the Board of TOJOY Shared Holding Group Co, which is a big-data driven entrepreneur resource sharing platform, has outlined a strategic vision for leveraging digital advancements to fuel economic growth.

In a recent interview with the Global Times, Ge noted that many enterprises have already embarked on a path of rapid development, focusing on digital economy as a promising major project. These enterprises are committed to building a digital industry cluster capable of competing on a global scale.

The World Economic Forum has projected that as the global economy rapidly digitalizes, an estimated 70 percent of new value created over the coming decade will be based on digitally-enabled platform business models. By 2025, the added value of the core industries of the digital economy will account for 10 percent of China's GDP, the Xinhua News Agency reported.

Ge also highlighted the role of TOJOY in this transformative journey. He stated that the platform will collaborate with like-minded enterprises to drive the deep integration of traditional and innovative enterprises through a large sharing economy model.

"This will help build a new ecosystem where the digital economy and the real economy are seamlessly connected," he added.

TOJOY is a company experienced in enterprise acceleration and has a tremendous industrial resource pool. The core business of the platform is to provide high-quality innovative enterprises with acceleration services and help realize their business transformation. Up to now, the platform has gathered more than 4.7 million SME owners, of which over 100 are being accelerated.

"In China, about 10,000 innovative enterprises need various resources to support their development every year, and 10 million traditional SME owners to upgrade their businesses. That requires empowerment from shared platforms, which is our responsibility," Ge said.