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.

China has approved the addition of 24 new majors for undergraduate programs, including national security studies and electronic information materials. Experts said on Tuesday that the adjustment was guided by the goal of supporting the high-quality development of the economy so as to better serve the country's national strategy.

The addition was released by China's Ministry of Education (MOE) on Tuesday, with the ministry saying that the newly approved majors will be open for undergraduate admission in 2024.

According to the MOE, the addition of majors such as national security studies and overseas interests security is based on serving the needs of national strategy, while the establishment of majors such as electronic information materials and intelligent marine equipment aims to cultivate talents in the fields of cutting-edge science and key technologies.

Other important new majors include Chinese classical studies, as well as soccer and sports health preservation, respectively aiming to promote the innovative development of traditional Chinese culture and to help establish China as a leading sporting nation.

The ministry also released the latest version of the undergraduate major catalog for regular higher education institutions, which includes 93 major categories and 816 majors.

The new majors were added in response to overarching development requirements at the national level, spurred by the evolving needs of emerging industries and formats, Xiong Bingqi, director of the 21st Century Education Research Institute, told the Global Times on Tuesday.

The addition also reflected the guidance and support for universities to establish new majors urgently needed for national strategies and regional development, with a focus on serving the high-quality economic and social development, analysts said.

Regarding the major of national security studies, observers pointed out that it aims to cultivate talents with a solid foundation in national security theory and technical skills, as the current international order is undergoing significant changes.

In addition to adjusting the disciplines and majors of universities according to changes in social demand, Xiong said that each college should also set up relevant majors based on its own situation and characteristics to ensure the quality of talent cultivation in their chosen majors.

In 2023, the MOE issued a reform plan for adjusting and optimizing majors in higher education, stating that by 2025, a new range of disciplines and majors that are in line with new technologies and industries will be established, while those that lag behind in economic and social development will be eliminated.

The optimization and adjustment of undergraduate majors is a long-term process, and it is essential to offer effective teaching and training programs to support the development of each student, so that the academic majors offered by universities are aligned with the evolving demands of the job market, Chu Zhaohui, a research fellow at the National Institute of Education Sciences, told the Global Times on Tuesday.

The MOE will persist in advancing the dynamic adjustment of majors, tailored cultivation of national strategic and high-demand talents, so as to bolster the role and impact of education in fostering high-quality development.

China still has room to further cut RRR: central bank governor

China's first mass-produced WZ-16 turboshaft engines were recently delivered, marking yet another achievement in the country's aero engine sector, which used to trail behind the global top standard, experts said on Sunday.

A delivery conference was held in Harbin, Northeast China's Heilongjiang Province, on Friday, according to a press release from the state-owned Aero Engine Corporation of China (AECC) published on its WeChat account on Saturday.

The press release did not give details on the delivery, including the engine's customers or the number of engines delivered. At least three engines can be seen in a photo attached to the press release.

This marks a key step in the industrial development of the AECC's aero engine products for civilian purposes, and fully displays China's capabilities in research and development as well as marketing in this high technology sector, the AECC said.

The WZ-16 is a latest type of turboshaft engine that was strictly developed and certified in accordance with airworthiness regulations, the AECC said, noting that with a takeoff power of more than 1,240 kilowatts, a weight of less than 223.5 kilograms, a fuel consumption rate of less than 294 grams per kilowatt-hour and a service ceiling of 6,000 meters, the engine's overall performance has reached an internationally advanced level with high reliability and a long overhaul interval.

Having obtained type certification in October 2019 and production certification in March 2021, the WZ-16 can be equipped by seven ton-class twin-engine helicopters such as the AC352 (also known as the Z-15) and see wide applications in fields such as search and rescue, offshore drilling operations, personnel transport, medical aid and commercial flights, the company said.

The Z-15 medium-sized, multipurpose helicopter was awarded a qualification certificate by the Civil Aviation Administration of China in July 2022, marking the successful development of this type of chopper, which is now eligible to enter China's civilian market, the Global Times learned from the state-owned Aviation Industry Corporation of China, the helicopter's maker.

China's aero engine technology used to lag behind the world's top standard for decades, and now it is seeing significant achievements in many fields, a Chinese aviation expert who requested anonymity told the Global Times on Sunday.

In recent years, China's top military aircraft like the J-20 fighter jet and the Y-20 transport aircraft have converted to using domestically developed turbofan engines, and now civilian helicopters are getting advanced turboshaft engines, the expert said, noting that Chinese aero engine developers' efforts are beginning to bear fruits, and that more advanced engines are likely under development.