"National security is the foundation of national rejuvenation. In adhering to the overall concept of national security, we resolutely safeguard national sovereignty, safety, and development interests." On August 1, 2023, the official WeChat account of China's Ministry of State Security made its debut with these powerful words, becoming an important window, through which the whole society could gain an understanding of the work conducted by national security agencies.

China's national security agencies are responsible for counter-espionage work, while also undertaking functions such as safeguarding political agency and overseas security. The national security agencies have always been shrouded in mystery, representing a covert front line with special status and missions. They have played an important role in defending the state power, maintaining social harmony and stability, and protecting people's lives and property.

To mark the fourth Chinese People's Police Day which falls on January 10, Global Times reporters went to two border towns in North and South China - Manzhouli in Inner Mongolia Autonomous Region and Xishuangbanna Dai Autonomous Prefecture in Yunnan Province, to conduct in-depth interviews with local national security officers, who faithfully practice the pledge of dedicated service to the people.

Head-to-head frontline battles

Manzhouli is covered in white snow amid the howling wind in December 2023. The city stands near the boundary marker of the China-Mongolia-Russia tri-border, and a borderline that stretches over 1,000 kilometers. Officers from the national security bureau of Manzhouli told the Global Times that this special geographical location has always made the city an important channel and springboard for hostile forces to infiltrate and sabotage the country. The continued sagas of silent struggles of infiltration and counter-infiltration, subversion and counter-subversion, and division and counter-division play out here on a regular basis.

During her first mission, Li Yue (pseudonym), a Generation-Z officer from the national security bureau in Manzhouli, experienced the acuteness and complexity of these struggles.

Similar to a plot straight out of a film, Li Yue had to disguise herself as a waitress in a restaurant to get closer to a suspect, in order to coordinate with her colleagues' next move.

"In the few steps that it took for me to come face to face with him, I tried to maintain my cool, not allowing myself to show any hint of nervousness. Trained professionals quickly notice such things, so I had to meet his gaze with a placid one," Li Yue recalled.

Like any ordinary waitress, she greeted the suspect with a smile, led him to his seat, offered him a glass of water, took his order, and also attended to the rest of the diners. "My colleagues and I did a lot of work beforehand, making contingency plans for various possible eventualities. The suspect would never know that a covert operation was fully underway."

Shortly after this mission, Li Yue changed her online handle to "actor." Exquisite "acting" skills were just some of the many skills and qualities possessed by the national security officers. The success of each operation relies on meticulous planning, creative thinking, strong psychological resilience, and unwavering courage.

Thousands of miles away on the Southwest China's border region, Xishuangbanna national security bureau officers guard the region with Laos and Myanmar, which stretches for nearly a thousand kilometers. Their main task is to prevent foreign spies and intelligence personnel from infiltrating or fleeing from China.

In 2015, the Xishuangbanna bureau successfully cracked down on an espionage case that was remotely plotted by a foreign intelligence agency. In August of that year, the bureau received a tip from higher-level authorities that a man surnamed Li, who used to work in an important governmental department, had been subverted and recruited as a spy by a foreign intelligence agency while studying abroad. Signs showed that Li was about to escape the country recently, very possibly via Xishuangbanna.

After receiving the arrest order, the officers of the Xishuangbanna bureau carefully analyzed Li's possible escape routes, mobilized all forces to set up checkpoints and surveillance, and finally tracked him down.

Song Bin (pseudonym), a Xishuangbanna bureau official who participated in the operation to arrest Li, told the Global Times that "during the operation, we found that Li was using various anti-surveillance methods to evade arrest. Various signs indicated that there were personnel from foreign spy intelligence agencies behind him [who had taught him how to evade police detection]."

On the sixth day of the arrest operation, Li arrived at an exit channel on the Xishuangbanna border. National security officials from the Xishuangbanna bureau, who were disguised as boat operators, waited at the exit channel and noticed that Li matched the photo in the arrest warrant and made their approach.

"We asked to see his identity (ID) card if he wanted to take our boat to go abroad. He provided us with a fake ID card, which showed his registered place of residence as Southwest China's Sichuan," Song said.

The Xishuangbanna bureau police would not be able to arrest Li if they could not confirm his identity, otherwise it would alert the target and the operation would fail. At this critical moment, one of the officials, who was familiar with various dialects in the southwest, had a brilliant idea: Now that Li had pretended to be a Sichuan native, why not converse with him in the Sichuan dialect?

This sudden "test" caught Li off-guard, and his expression changed drastically, revealing his guilt. The Xishuangbanna bureau officials then confirmed his identity as the fleeing suspect. The officers also immediately revealed their identities before taking Li into custody while he pleaded not to be arrested.
Silent, dangerous mission

In the process of safeguarding national security, national security officials have also demonstrated their great spirit of dedication and sacrifice.

"We often have to face unexpected dangers, and in some critical moments, we can only put our lives on the line," an official from the Xishuangbanna bureau surnamed Yan told the Global Times.

Yan recounted an instance in which a person suspected of engaging in activities that endangered national security fled to Xishuangbanna with the intention of leaving the country. During the arrest operation, while not sure of whether the suspect was armed, Yan and several other Xishuangbanna bureau officials decisively charged forward.

"Although he was alone, he had received relevant military training and had a mindset of fighting to the death. At that critical moment, we didn't have time to think; we could only rush forward and firmly restrain him. Fortunately, his luggage only contained cash and some forged documents," Yan said.

Being able to endure hard work and loneliness is how many national security officers evaluate their own work. Jiang Dingbian (pseudonym), an officer from the national security bureau in Manzhouli, has devoted himself to security operations for nearly 30 years. He told the Global Times that those officers have to make long-term contingency preparations for every case. "It may take three to five years, or even more than a decade, to track down just one lead."

The national security bureau in Manzhouli once arrested a target that had been under surveillance for years. Jiang spent three years in analyzing thousands of pieces of information before finally discovering evidence of the target's involvement in other illegal activities.

In order to promptly identify all possible risks, the national security bureau in Manzhouli has set up a room that is less than 20 square meters, where national security officers work in shifts around the clock. For a long time, this small space had no air conditioning and the water supply would occasionally be cut off. In the summer, the national security officers would often be drenched in sweat, while in the winter, they had to endure the freezing cold wind constantly seeping in through the cracks in the window at minus 30 C.

"Some cases have made no progress after years of effort, which made me wonder whether it was worth persisting. But we cannot overlook any potential national security risks and threats. This is our original intention and our duty," Li Yue said.

Whole-society defense line

National security is the common aspiration and fundamental interest of all ethnic groups in the country. Safeguarding national security is also the shared responsibility of all ethnic groups in the country.

Manzhouli national security bureau officer Li Bin (pseudonym) said that since the first National Security Education Day on April 15, 2016, the whole society has become more actively involved in various efforts to safeguard national security.

On one hand, the government, institutions, enterprises, and individuals actively cooperate with national security work and provide support. On the other hand, the whole society has formed an atmosphere of responsibility for national security and the public actively reports suspicious clues, providing strong support to the work of national security agencies.

Li Bin revealed that the national security bureau of Manzhouli once received a report from a retired person, who said to have found a telephone line of a classified unit that was tens of meters long pulled out in the courtyard, leading to a residential building across the street, on his way back home.

The veracity of the situation was confirmed shortly thereafter. It was a staff member of the unit who privately set up the telephone line for personal use, risking the leakage of classified information.

The national security bureau of Manzhouli quickly contacted the unit and requested immediate rectification of the situation to eradicate potential risks.

In 2015, the national security agencies officially launched the 12339 hotline for citizens. In 2018, China's Ministry of State Security launched the internet reporting platform website www.12339.gov.cn. In April 2023, the national security agencies honored individuals who had made contributions in reporting activities that endangered national security for the fifth consecutive year. In August 2023, the official WeChat account of the Ministry of State Security opened a reporting platform.

Some officials from the Yunnan national security department reached by the Global Times said that they have witnessed a significant increase in awareness in the recent past, along with an understanding and participation of the public in safeguarding national security. This has been reflected in the increased number and quality of reports received through the 12339 hotline.

In recent years, with the help of public reports, the Yunnan national security department has successfully solved multiple cases related to ecological and military security, preventing valuable samples of flora and fauna and sensitive military equipment information from being transferred to foreign intelligence agencies.
Selfless, anonymous heroes

"Sorry but I can't disclose the specific details due to confidentiality regulations;" "Please do not mention my name and personal information;" "As a national security officer, I am willing to be an anonymous hero." These are phrases that Global Times reporters have heard repeatedly during interviews, highlighting the uniqueness of covert operations - selflessness, anonymity, and humility.

In the archives of the national security bureau in Manzhouli, two large cabinets occupy an entire wall, filled with files on the same case. This case has spanned over 20 years, involving several generations of national security officers. Behind each page of these files are all-night efforts, undercover operations in harsh weather conditions, and thrilling covert confrontations. However, once they leave the office, these experiences are never mentioned and may never be known.

In the battlefield of safeguarding national security, the invisible gunshots and unheard gun battles have never ceased. It is because of the silent dedication and perseverance of every national security officer that the sovereignty, security, and development interests of the country are protected, and the peaceful lives of the people are undisturbed.

Jiang said that many national security officers silently dedicate their entire lives to their work, without receiving applause and without the spotlight and dazzling stage. They quietly exit the stage after remarkable service, and the driving force that supports them is their firm belief in their hearts.

Currently, the meaning, purpose, and value of national security in our country are richer than at any time in history, and the internal and external factors affecting the same are more complex than at any time in history. The challenges faced in safeguarding national security are unprecedented. As national security officers have stated, "We always maintain a state of readiness, prepared to fight against any behavior that threatens national security."

Hidden in silence, the sword shines in invisibility. In this new era, Chinese national security agencies are embarking on a new journey to faithfully fulfill their duties, safeguard national sovereignty, security, and development interests, be an integral part of the great rejuvenation of the Chinese nation, and compose a new anthem for nameless heroes.

China will make final review ruling in accordance with the investigation procedures regarding lifting tariffs on Australian wine, Chinese Ministry of Commerce (MOFCOM) said on Thursday. 
On Tuesday, the ministry had disclosed the basic facts on which the ruling was based to the relevant stakeholders in accordance with the investigation procedures, and gave all parties an opportunity to express their opinions. 
Next, MOFCOM will make a final review in accordance with the investigation procedures based on the comprehensive consideration of the opinions of all parties, said He Yadong, a spokesperson of MOFCOM , in response to a media inquiry on whether China is to lift tariffs on Australian wine imports or not. 
The reply of MOFCOM also comes on the heels of China's Ministry of Foreign Affairs saying that Chinese Foreign Minister Wang Yi will visit New Zealand and Australia from March 17-21, and hold the 7th round of China-Australia Foreign and Strategic Dialogue.
Wang Wenbin, a Foreign Ministry spokesperson, said on Wednesday that China and Australia are making efforts to address mutual concerns through dialogue and consultation, which will help improve the momentum in bilateral relations.
China stands ready to continue stepping up dialogue and cooperation with Australia under the principles of mutual respect, equality, mutual benefit and seeking common ground while shelving differences, so as to promote the steady and sound growth of bilateral relations, Wang noted.
MOFCOM said earlier that it began reviewing the anti-dumping and countervailing duties on Australian wine as of November 30, 2023. A five-year series of anti-dumping and countervailing tariffs on Australian wine was imposed on March 28, 2021.
While, Australian government officials and media outlets have frequently brought the issue up, indicating the great eagerness of Australian winemakers to return to the Chinese market.
At Thursday's press conference, the MOFCOM spokesperson has also mentioned the disputes such as wind towers from China.
China has serious concerns about Australia's trade remedy measures against China's wind tower and other measures, and hopes that Australia will respect WTO rules and properly address China's concerns, He said.

The share of the yuan in Russia's trade settlements in January further expanded, signaling steady progress for promoting the internationalization of the yuan.

Experts highlighted China's steady economic development and firm support as major advantages contributing to the yuan's global expansion, while outlining lingering challenges going forward.

The yuan accounted for 40.8 percent of Russia's export settlements and 38.5 percent of its import settlements in the first month of 2024. The settlement amounts reached $13.2 billion for exports and $9.1 billion for imports in US dollar terms, data from Russia's central bank showed on Monday.

In December 2023, the yuan accounted 35.8 percent of Russia's export settlement and 37 percent of its import settlement, Sputnik reported.

China's large and continuously growing economy has provided a solid foundation for the yuan's internationalization, and the country's ramped-up policy support for building the financial infrastructure and optimizing the mechanism for cross-border yuan settlements has created a favorable environment for promoting the internationalization of the yuan, Wang Peng, an associate research fellow at the Beijing Academy of Social Sciences, told the Global Times on Tuesday.

Wang noted that the yuan's stability has been further recognized by the international market as its exchange rate remained steady overall despite some fluctuations in recent years. This remains a significant consideration for global investors.

Cross-border yuan settlements have risen since 2009, accounting for nearly half of China's export payments and settlements. The yuan also ranks third in terms of the weight in the IMF's Special Drawing Rights basket, Lian Ping, chief economist and head of the Zhixin Investment Research Institute, told the Global Times on Tuesday.

The yuan is the world's fourth-largest payment currency, third-largest trade finance currency and fifth-largest foreign exchange trading currency, Pan Gongsheng, governor of the People's Bank of China (PBC), the central bank, told a press conference on March 6, adding that boosting the internationalization of the yuan remains the top priority for promoting high-quality financial opening-up.

Pan said that economic entities have increased internal demand for the use of the yuan, and the yuan has formed an initial network effect for international use with its continuously enhanced international monetary functions such as payments and settlements, investment and financing, and international reserves.

In December 2023, the PBC and the National Bank of Serbia signed a memorandum of understanding to establish yuan-clearing arrangements in Serbia, which will help enterprises and financial institutions of the two countries use the yuan for cross-border transactions and further promote bilateral trade and investment facilitation.

Amid the steady progress achieved for the internationalization of the yuan, experts vowed to tackle lingering challenges, which will contribute to deepen China's financial opening-up.

Both Wang and Lian stressed the importance of continuously expanding the yuan's global usage and market share, as it still has a large gap with major global currencies such as the US dollar and the euro.

Wang noted that China's financial market has further space for opening-up to meet global investors' demand, while more optimized regulations should be formulated to protect investors' rights.

Lian noted that measures such as prudently promoting capital account convertibility for the yuan and its internationalization, while maintaining the basic stability of the yuan's exchange rate and an overall surplus in the balance of payments, will be significant for bolstering the financial sector's high-quality opening-up.

China set to formulate law to promote private economy

China's leading digital economy with its large-scale data resources, diverse data types and rich application scenarios have provided advantages for the country's artificial intelligence (AI) sector, Qi Xiangdong, chairman of Qi An Xin Technology Group, who is also a member of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), told the Global Times on Friday.

Qi said that AI depends on data, and China's rapidly developing digital economy provides a large source of data. He added that the total scale of China's digital economy reached 50.2 trillion yuan ($6.97 trillion) in 2022, and the breadth and depth of digital integration in the real economy has expanded.

Qi An Xin launched China's first industrial-grade large-model security AI product - Q-GPT a cybersecurity robot - which has numerous practical applications, Qi said.

Qi noted that he looks forward to the country accelerating the integration of cybersecurity and AI technology, promoting the application of innovative products in the field of "AI + security," and continuously improving China's ability to cope with cybersecurity risks and uncertainties.

China has seen no “exodus” of foreign enterprises. Against the backdrop of the global decline in cross-border investment, foreign investors’ enthusiasm for investing in China has not waned, and they remain largely optimistic about the country’s future growth prospects, Chinese Ambassador to Japan Wu Jianghao said in a recent interview with Japanese media.

China, a market-oriented economy, experiences the normal phenomenon of foreign companies entering and exiting the market, Wu said. Adding that while some foreign companies choose to withdraw from the market, there has not been a large-scale “fleeing” of foreign-invested companies, Wu said, according to a statement the Chinese embassy published on its website on Friday.

In recent years, a variety of factors including the COVID-19 pandemic, the churning geopolitical tensions as well as rising trade protectionism have contributed to a general decline in global cross-border investment, Wu said.

Citing statistics from the United Nations Conference on Trade and Development, Wu said that global cross-border direct investment plunged by 18 percent in 2023. The main destinations for foreign direct investment (FDI) also experienced significant declines, with India’s FDI decreasing by 47 percent and the Association of Southeast Asian Nations (ASEAN) by 16 percent. 

In contrast, China saw the launch of 53,766 new foreign-invested enterprises in 2023, up 39.7 percent year-on-year. The actual use of foreign capital amounted to 1.13 trillion yuan ($158 billion), the third highest year in history after 2021 and 2022. Additionally, China’s investment structure has kept on improving, with the proportion of foreign investment in high-tech industrial sectors reaching 37.4 percent, the ambassador said.

Given China’s ongoing economic transformation and upgrade, the rapid rise of domestic enterprises, and the increasingly competitive market environment, the exit of some foreign enterprises due to their lack of competitiveness is a result of market mechanisms, he said. 

It is also understandable if foreign enterprises adjust their business presence in China based on market rules. In fact, Chinese enterprises are also transferring some of their production capacity overseas. “If foreign enterprises have any feedback on China’s business environment, we are willing to listen carefully and actively address their reasonable concerns,” Wu said.

In 2023, Japanese investors established 888 new enterprises in China, a year-on-year increase of 7.3 percent, making it the third largest source of foreign investment in China, according to Wu.

A survey by the Japan External Trade Organization showed that 90 percent of Japanese companies hope to expand their business in China or maintain their current status. And a survey conducted by the Japan Chamber of Commerce and Industry in China among its 1,700 member companies indicated that 88 percent of Japanese companies still consider China an important market. 

The rate of return on investment for foreign investors in China has been around 9 percent in the past five years, while Japanese companies achieved a return of 18 percent in 2022. For Japanese companies, the return on investment in the Chinese market remains higher than other markets, Wu said.

Since the normalization of diplomatic ties of the two countries half a century ago, the economic and trade cooperation between China and Japan has made great leaps in both quantity and quality. Bilateral trade has exceeded $300 billion for several consecutive years, and Japanese enterprises have accumulated investments in China exceeding $130 billion, demonstrating strong resilience and enormous potential, Wu said.

“Meanwhile, it should be noted that both the economic and trade volume and investment growth between China and Japan dropped in 2023, which requires high attention and efforts to address at an early date,” Wu said. He suggested that the two countries adhere to their partnership position, broaden their cooperation fields, and jointly build an open regional and global economy. The two should work together to maintain the stability and smooth operation of the global supply chains and promote continuous recovery and development of the world economy, he said.

Chinese tech giant Baidu Inc on Wednesday reported better-than-expected financial results for the 2023 fiscal year, with a rise in total revenue and non-GAAP (generally accepted accounting principles) net income.

For the 2023 fiscal year, Baidu generated total revenue of 134.6 billion yuan ($18.96 billion), an increase of 9 percent year-on-year, and non-GAAP net income totaled 28.7 billion yuan ($4.04 billion), up 39 percent year-on-year.

Both revenue and non-GAAP net income beat market expectations, according to the Securities Times.

For the final quarter of 2023, Baidu generated revenue of about 35 billion yuan, up 6 percent year-on-year. Non-GAAP net income during the period reached about 7.76 billion yuan, representing a year-on-year increase of 44 percent.

The company said ERNIE, Baidu's generative artificial intelligence (Gen-AI) product, has already started to contribute to Baidu's revenues. In 2024, incremental revenue will increase to billions of yuan, mainly from AI applications and a growing advertising business.

The remarks came after figures showed that AI has become a new growth driver for Baidu. Baidu AI Cloud's total revenue in the fourth quarter was 8.4 billion yuan, and AI large language models brought in approximately 660 million yuan in incremental revenue to the cloud business, Robin Li Yanhong, co-founder and CEO of Baidu, said during a conference call on Wednesday.

According to Li, the company has made great strides in advancing ERNIE and ERNIE Bot, reinventing its products and services, and achieving breakthroughs in monetization. "Meanwhile, our core business has maintained its resilience and realized a healthy growth momentum," he said.

"Looking ahead, our commitment to generative AI and foundation models remains unwavering, paving the way for the gradual creation of a new growth engine," said Li.

Baidu Core also reported another solid quarter, with revenue growing 7 percent year-on-year to 27.5 billion yuan, boosted by the AI cloud business. Online marketing revenue reached 19.2 billion, up 6 percent year-on-year.

After the financial results were released, Morgan Stanley called Baidu the "best AI player in China," saying the company's generative AI will become a mid-term growth driver. China Merchants Bank predicted that the operating margin of its cloud business could continue to expand in 2024.

The allegation of "forced labor" in Northwest China's Xinjiang Uygur Autonomous Region is a huge lie, the Chinese Foreign Ministry said on Tuesday, urging the US to immediately stop smearing China, stop intervening in China's internal affairs, and stop politicizing and weaponizing trade issues.

Chinese Foreign Ministry spokesperson Mao Ning made the remarks at a regular press briefing in Beijing, responding to media reports saying that the US Department of Homeland Security is intensifying scrutiny of supply chains of American solar companies as the Biden administration mulls to tighten a ban on products assembled in Xinjiang.

The Chinese side has repeatedly pointed out that the allegation of "forced labor" in Xinjiang is a huge lie. The US uses the so-called "forced labor" issue, which does not exist in Xinjiang, which often results in "forced unemployment" in Xinjiang, Mao said.

US' move has severely undermined the basic human rights of the people of all ethnic groups in Xinjiang, violated international trade rules and disrupted international industrial and supply chains, the spokesperson said.

Mao said the US must immediately stop smearing China, stop intervening in China's internal affairs under the pretext of human rights, and stop politicizing and weaponizing trade issues.

The consumption made during China's traditional Lantern Festival, which is seen as a conclusion to the two-week celebration of the Chinese Lunar New Year, extended the buying fever seen in the Spring Festival holidays, data from various Chinese platforms showed.

The holiday spending fever together with a stock market rally mark a strong start of the country's economic growth for the year. The robust data is expected to strengthen expectations, boost market confidence, and further support China's economic growth for the year, experts said.

Consumption fever

The Lantern Festival which falls on Saturday this year saw people from all over the country enthusiastically engaged in attending lantern fairs, enjoying night tours, having short-distance travel, continuing the strong consumption momentum that has been seen during the Chinese New Year holidays.

As of Friday, the booking volume of hotels nationwide during the Lantern Festival period has increased by 2.6 times compared to 2023, and the sales volume of tickets for national scenic spots also increased by 90 percent, according to domestic travel platform Qunar.com.

Data on Trip.com showed that over the weekend the booking for domestic travel increased by over 140 percent compared to last year, with bookings for nearby trips seeing growth of over 200 percent.

The search for yuanxiao, a festive sweet-favored glutinous rice ball to celebrate the Lantern Festival, has soared more than 425.6 percent from a year ago, according to online retail platform Meituan. Innovative items such as chocolate-filled yuanxiao and coffee-flavored yuanxiao are particularly trendy this year.

Apart from yuanxiao, the search for lantern fairs has grown by 720 percent compared to a year ago, according to Meituan.

The rising cultural and tourism consumption and demand for innovative products showed an increasing trend in China's consumption market, Cong Yi, a professor at the Tianjin University of Finance and Economics, told the Global Times on Sunday.

It is expected that this trend will lead to an increase in China's consumption volume and quality in 2024, Cong said.

The spending fever during the Lantern Festival extended the momentum of the Chinese New Year holidays which saw record travel data and holiday spending.

During the eight-day Chinese Lunar New Year holidays, 474 million domestic trips were made, up 34.3 percent year-on-year, and total domestic tourism spending jumped by 47.3 percent year-on-year to about 632.69 billion yuan ($87.95 billion), according to data released by the Ministry of Culture and Tourism.

The spokesperson for China's Ministry of Commerce (MOFCOM) He Yadong said at a regular press conference held on Thursday that China has seen a boom in consumption during the Spring Festival holidays, making a good start to 2024.

During this year's Spring Festival holidays, the sales of key retail and catering enterprises nationwide increased by 8.5 percent year-on-year on a comparable basis. It is expected that the consumption market will maintain a stable growth trend in the first quarter, He said.

The consumption boom during the Spring Festival period showcases the vitality unleashed by the Chinese economy and also serves as a rebuttal to some foreign media's negative portrayal of the Chinese economy, experts said.

The surge in consumer spending during Chinese New Year holidays and the Lantern Festival signifies a growing optimism among consumers about the future economy, leading to an increase in their willingness to spend, Wang Peng, an associate researcher at the Beijing Academy of Social Sciences, told the Global Times on Sunday.

China's stock market also witnessed a strong rally during the period, boosted by warming consumption and regulatory measures aimed at reviving the market.

The Shanghai Composite Index rose for eight consecutive days as of Friday closing, recovering all losses in the year 2024 and surpassing the 3000-point mark. Around 300 stocks saw gains of over 30 percent last week, the Securities Times reported.

"The sustained upward trend in the stock market will attract more capital inflows, which will support corporate financing and facilitate expansion of production capacities, further stimulating economic growth in the coming months,'' Wang said.

Bright outlook

The surge in consumption during the Spring Festival is expected to have a significant impact on China's GDP growth in the first quarter of 2024, setting the stage for a strong economic recovery throughout the year and beyond.

The consumption is expected to grow by 6 percent in the first quarter, leading the nation's GDP to grow at above 5 percent in the first quarter, Tian Yun, a veteran economist based in Beijing, told the Global Times.

In order to further spur economic growth, Chinese officials have convened meetings and rolled out various pro-growth measures days after the Spring Festival, with the focus on issues such as boosting market confidence and improving efficiency.

Right after the Chinese New Year holidays, China's central bank on Tuesday cut its five-year-plus loan prime rate by 25 basis points, the largest one-time rate reduction in years, adding fuel to the hot consumer spending during the holiday and injecting sustainable momentum into the consumer market.

Chinese Premier Li Qiang on Friday chaired a State Council executive meeting and called for greater efforts to attract and utilize foreign investment.

On the same day, the MOFCOM said that in January, foreign investors set up 4,588 new foreign-funded enterprises, a year-on-year increase of 74.4 percent against the backdrop of last year's sustained growth.

More measures to stabilize economic growth, including increasing infrastructure investment, creating jobs, improving the business environment, and promoting industrial innovation could be expected, Wang said.

While a national GDP growth target will not be released until the national two sessions scheduled to be held in early March, major provincial-level economic powerhouses, including Shanghai and South China's Guangdong, eye a growth rate of about 5 percent or higher.

Anchoring the goal of building a financial powerhouse, China on Tuesday reiterated its determination to strengthen financial regulation with “teeth and thorns” and enhance the “regulation of the regulators.”

In an article published on the People’s Daily on Tuesday, the Office of the Central Financial Commission and the Central Financial Work Commission, two crucial bodies in China’s financial policymaking, jointly emphasized the need to ensure financial stability through stringent and solid regulation and to enhance regulatory capabilities.

It is crucial to strengthen regulation with “teeth and thorns”, push for strict enforcement of laws, and to establish a sound regulatory accountability mechanism, enhancing the “regulation of the regulators.”

The article emphasizes the need to safeguard financial security through prudent and effective risk prevention and control. It advocates adhering to the principle of “maintaining overall stability, coordinating policies, implementing targeted measures, and precisely defusing risks.”

This approach involves handling existing risks prudently, strictly preventing new risks, and effectively preventing and defusing financial risks in key areas in a powerful, orderly, and effective manner.

Enhancing regulation with “teeth and thorns” is of great significance. Through continuous supervision of financial institutions and markets, potential risks can be detected and resolved in a timely manner, thus preventing the occurrence of financial crises, Wang Peng, an associate researcher at the Beijing Academy of Social Sciences, told the Global Times on Tuesday.

It is also beneficial for maintaining market order and protecting consumer rights, Wang said.

Currently, it is imperative to enhance financial regulation. On the one hand, with the continuous emergence of financial technology and innovative products, traditional regulatory measures may be difficult to cope with new risks; while on the other hand, some financial institutions may exploit regulatory loopholes or differences between different regulatory systems to engage in arbitrage, thus circumventing regulatory requirements, Wang noted.

Additionally, as global financial markets become more interconnected, China needs to strengthen regulatory measures to enhance the stability and international competitiveness of its financial system, Wang said.

Over recent months, China’s financial regulatory authorities have repeatedly mentioned the need to focus on strong and strict supervision, and resolutely aiming for regulation with “teeth and thorns.”

The National Financial Regulatory Administration held a work conference on January 30, vowing to enhance regulation, firmly safeguard the bottom line of preventing systemic financial risks, solidly promote high-quality financial development, and steadfastly follow the path of financial development with Chinese characteristics.

The article on Tuesday also noted that it is essential to deeply understand that the fundamental purpose of building a financial powerhouse is to serve the goal of achieving Chinese modernization.