< PreviousOUR PICK MISS MOTI-VATION KRIPA JOSHI g]kfn ;/sf/ lj1fkg af]8{T he 75-year journey of the People’s Republic of China has witnessed the relentless efforts of the Chinese people to pursue development and progress, creating a miracle of long-term eco- nomic growth and social stability. As it embarks on the journey of Chi- nese modernisation in the new era, the country strives to realise its dream of national rejuvena- tion through modernisa- tion and peaceful devel- opment. With a vision for human progress, it remains committed to providing new oppor- tunities for world peace and development through its own prosperity. At the Summit of the Forum on China- Africa Cooperation in Beijing in Septem- ber, Chinese President Xi Jinping called on China and African countries, with a total of 2.8 billion inhabitants, almost one-third of the world’s population, to join hands in advancing modernisation. “China and Africa’s joint pursuit of modernisation will set off a wave of modernisation in the Global South and open a new chapter in our drive for a community with a shared future for mankind,” he said. China, under the leadership of the Communist Party of China, is intent on pursuing a path of peaceful develop- ment, working closely with all countries. the centre of Beijing has been adorned with the inscription “Long Live the Great Unity of the Peoples of the World.” Yasir Habib Khan, president of the Institute of International Relations and Media Research in Pakistan, said China has made strenuous efforts to advance peace and stability in Asia, the Middle East, Europe and elsewhere. During the Cold War in the 1950s, Chinese wisdom, rooted in centuries of a peaceful civilisation, came up with the Five Principles of Peaceful Coexistence, Khan said. “Today the Chinese leadership has reinvigorated these values at a defining moment when a new Cold War is rear- ing its ugly head. “The vision of building a commu- nity with a shared future for mankind is the most effective move to sustain, promote and upgrade the Five Princi- ples of Peaceful Coexistence in the new circumstances.” The Five Principles of Peaceful Coex- istence, which have been incorpo- rated into the country’s Constitution, offer insight into how developed and developing countries can live together. Among the world’s major countries, China has the best record with respect to peace and security. With a Chinese approach to resolving difficult issues, the path of impartial- ity and peaceful diplomacy that China This supplement, prepared by China Daily, People’s Republic of China, did not involve the news or editorial departments of Nepali Times. HIGH-WIRE ACT RIVER CROSSING THAT PUT FOCUS ON PLIGHT OF POOR, P2 POWERING AHEAD GLOBAL FIRMS MAKE MOST OF REFORM PUSH, P3 CHINA DAILY ALL YOU NEED TO KNOW Global quest where peace is the winner Country committed to mediating conflicts, promoting dialogue, fostering shared future. Cao Desheng reports Vision: a path to global well-being Peace P r o sp eri t y O p e nn e s s I n n o v ati o n S o ci a l p r o g r e s s Aim Facili tate policy coordination U n im p ede d t r ad e In f r a s tru c tu r e c onne ct ivi t y Fi n a n ci a l i n t e g r at io n Cl o s er p eo p le - t o - peo p le ti e s Principl es E xtensi ve co nsul tat ion J oi n t c o n t ri b utio n S h a r e d ben e fi t s Cl e a n c oo pe r a t i o n Concepts O pen G r ee n Objectives Hi gh s tan d a rd s S u s t a in ab ili t y B e t t e r li v e s 1949: On October 1, the People’s Republic of China was founded. This landmark event fundamentally changed the tragic fate of poverty and weakness that had plagued China for over a cen- tury, leading the Chinese nation onto the grand path of realising national reju- venation. 1954: The Five Principles of Peaceful Coexistence were officially announced, becoming a fundamental principle of international relations and international law, and making an indelible historical contribution to the progress of humanity. 1971: On October 25, the 26th session of the United Nations General Assem- bly passed Resolution 2758 by an over- whelming majority, deciding to restore the legitimate seat of the People’s Republic of China in the United Nations. 1978: The third plenary session of the 11th Central Committee of the Commu- nist Party of China was held in Decem- ber. It marked the beginning of China’s socialist reform and opening-up. 2001: China joined the World Trade Organisation. 2013: President Xi Jinping pro- posed the concept of building a community with a shared future for mankind, a global vision aimed at addressing the common challenges facing humanity. 2013: President Xi proposed the major initiatives of jointly building the Silk Road Economic Belt and the 21st Century Maritime Silk Road, aiming to use the historical symbol of the ancient Silk Road to hold high the banner of peace, development and cooperation. 2021 : On September 21, during the 76th session of the United Nations Gen- eral Assembly, President Xi proposed the Global Development Initiative with an aim to accelerate the implementa- tion of the UN 2030 Agenda for Sustain- able Development. 2022: On April 21, President Xi pro- posed the Global Security Initiative in a speech at the opening ceremony of the Boao Forum for Asia Annual Confer- ence, providing a Chinese solution to address global security challenges. 2023: On March 15, President Xi proposed the Global Civilisation Initia- tive at the CPC in Dialogue with World Political Parties High-Level Meeting, responding to the common need of the international community to enhance dialogue and exchanges among civilisa- tions and promote cultural prosperity and development. Landmark events pursues stands out in today’s world as Beijing mediates in conflicts and pro- motes dialogue to achieve peace. It has played a constructive role in the Ukraine crisis, the Palestine-Israel conflict, and issues relating to the Korean Penin- sula, Iran, Myanmar and Afghanistan. With regard to the Palestinian ques- tion, the Beijing Declaration signed by 14 Palestinian factions in Beijing in July that calls for an end to division and strengthen unity has made China a focal point of global diplomacy. The signing of the declaration was a crucial step towards resolving the Pal- estinian question and achieving peace and stability in the Middle East. It was also the first time that an internal Pal- estinian reconciliation document has been agreed with the decisive help of a country outside the Arab world. In March, after years of open hostility, Saudi Arabia and Iran agreed to restore diplomatic ties following talks facilitated by China, a boon to the security and stability of the Middle East. Analysts praised China for its role as a peace broker and its efforts to facili- tate dialogue. This also showed that China’s diplomatic philosophy that aims to promote peace and develop- ment is much more appealing than some other countries’ tactics of fuel- ling confrontation to expand their own interests in the Gulf region, they said. “China’s impartial stance, free from selfish motives or interests, has garnered increasing trust from the international community,” Khan said. In April 2022 Xi proposed the Global Security Initiative, which advocates a vision of common, comprehensive, cooperative and sustainable security, with the philosophy that humanity is an indivisible security community, and aims to create a new path to security that features dialogue over confrontation, partnership over alliance and win-win over zero-sum. China is a major troop contributor and the second-largest financial contributor to United Nations peacekeeping opera- tions, and has set up an 8,000-strong peacekeeping standby force. In the Report to the 20th CPC National Congress in October 2022, Xi said that as China pursues modernisa- tion, it will not tread the old paths of war, colonisation and plunder. “Dedicated to peace, development, cooperation and mutual benefit, we will strive to safeguard world peace and development as we pursue our own develop- ment, and we will make greater contributions to world peace and develop- ment through our own devel- opment,” he said. Since China embarked on reform and opening-up in 1978 it has made tremendous contributions to world peace and devel- opment through its own growth. The country’s contribution to global eco- nomic growth averaged 24.8% from 1979 to 2023, ranking top in the world, according to the National Bureau of Statistics. China has become the world’s larg- est manufacturer, the largest country in terms of trade in goods and the largest holder of foreign exchange reserves. The burgeoning Belt and Road Initia- tive, launched in 2013 to promote the building of a community with a shared future for mankind, has shown how China translates its words into deeds and how the concept helps change the world. A series of landmark Belt and Road projects have come to frui- tion. Among them, the China- Europe Railway Express compris- es a network of rail lines spanning Europe and Asia, with 86 operational routes running to more than 200 cities in 25 European countries. The China-Laos Railway is helping the people of Laos realise their dream of turning their country into a land-linked one, opening up a new route to develop- ment and prosperity. China’s journey from a planned economy to a market economy through market-oriented reforms has been of immense significance not only for Chi- na itself but also offers valuable lessons for other countries, analysts said. The Chinese path towards moderni- sation is not self-centred, said Yu Yun- quan, a senior research fellow at the Academy of Contemporary China and World Studies in Beijing. “The goal of the Chinese path to modernisation is not monolithic, but multifaceted, including China’s peaceful development, creating opportunities for the world, common prosperity and win- win cooperation.” LI MIN / CHINA DAILYW hen TV cameras cap- tured Yu Yanqia, 8, dragging herself upside down along a steel rope strung above the raging Nujiang River on her daily journey to school, no bridg- es spanned the Nujiang, in rural Fugong county, Yunnan province. So the only way anyone could cross the river was the primitive and precarious steel rope and pulley system that Yu used that day in 2007. Since then things have vastly improved for Yu and the area in which she lives. Yu, now a doctor at a hospital in Nujiang Lisu autonomous prefecture, in which Fugong county is situated, remembers how her heart raced with the howling wind each time she crossed the river. “I’d never been far from my village, so I just thought everyone used pulley bridges to cross rivers,” she told Chinese media in July. The images seen nationally of her crossing the river spurred action to build a bridge across the Nujiang, and when it was completed the following year Yu was chosen as the first person to cross it. Yu’s story encapsulates the rapid progress that has been made in China in improving infrastructure and lift- ing people out of poverty, especially in remote parts of the country. Twenty years ago Fugong had some of the most entrenched poverty in the country, with more than half of its peo- ple being impoverished. Yunnan had the highest number of poverty-stricken counties in the country, totalling 88. Today villages are linked by paved roads, and bridges span rivers, meaning that communication, the flow of people and commerce have greatly improved. Access to education, healthcare, work and daily necessities has also improved. Since the People’s Republic of China was founded in 1949 the battle against poverty has been a top priority for the Communist Party of China. Follow- ing the 18th CPC National Congress in 2012, central authorities stepped up efforts to eliminate rural poverty, setting a goal of eradicating poverty before the Party’s centenary in 2021. A key aspect of this campaign has been improving rural connectivity. By 2016 all pulley bridges in Nuji- ang prefecture had been replaced by modern bridges. Today these bridges along the Nujiang River, rather than just being transportation channels, have also become tourist attractions. Since the 18th CPC National Con- gress, China has built or rebuilt more than 2.53 million kilometres of rural roads and built paved roads in 1,040 townships and 105,000 villages, accord- ing to official figures. More than 50,000 villages have also been connected by passenger bus ser- vices. Nearly 100 million rural poor escaped poverty between 2012 and 2021, end- ing domestic poverty on the Chinese mainland. This achievement is all the more remarkable given the global trend of rising poverty. The World Bank said 712 million peo- ple worldwide were living in extreme poverty in 2022, 23 million more than in 2019. The pandemic significantly hampered global poverty reduction efforts, leading to three years of setbacks, between 2020 and 2022, affecting low-income coun- tries in particular. Before National Poverty Relief Day on October 17 four years ago, Guy Ryder, then director-general of the Interna- tional Labour Organisation, said China’s decision to stick to the goal of eradicat- ing rural poverty by the end of 2020 amid a “complex economic environ- ment” set a benchmark in meeting the United Nations 2030 Sustainable Devel- opment Goals, which include eliminat- ing extreme poverty worldwide in a decade. On February 25, 2021, at a conference in Beijing, Chinese President Xi Jinping announced that China had achieved complete victory over absolute poverty, with a total of 98.99 million rural poor having been lifted out of poverty. “China has completed the task of eradicating absolute poverty, which is truly a miracle of human society,” said Zhang Jun, then China’s permanent representative to the UN, in 2021. The country’s achievement in elimi- nating poverty was an important con- tribution to global human rights, Zhang said. The number of Chinese who escaped poverty over the past 40 years has accounted for more than 70% of the world’s impoverished people during that period, measured by the poverty threshold set by the World Bank. Du Shuangqing, who lives in Gansu province, once home to some of the country’s poorest families, is one of the beneficiaries of the improvements. Du was born into a poor farming family in mountainous Longnan city in 1988. When he was 9, he lost his right arm in a rockslide, which resulted in medical expenses his family were unable to meet. Du, now 36, who works for the local disabled people’s federation, said he would have dropped out of school had it not been for government allowances designed to help poor students. “Our grain harvest was usually small, and my parents had too many children to support. Back then, life was really hard.” In recent years local authorities have invested tens of millions of yuan to build a road linking his secluded village with the outside world, even though it is home to only about 40 families, he said. By Li Lei At a small plantation on the north- ern edge of the Himalayan Moun- tains range in the Xizang autono- mous region, lingzhi mushrooms are being cultivated to increase the local income. A medicinal fungus, lingzhi, also known as reishi mushrooms, is tra- ditionally foraged from the wild. In a row of dim, humid single- storey outbuildings, lingzhi spores are carefully grown into seedlings to be planted in nearby greenhouses. Close by, freshly harvested lingzhi mushrooms are neatly arranged on shelves to be dried for market. This process has become all too common at the Red Sun Fam- ily Farm in Manling in the city of Nyingchi, Xizang, where efforts to grow medicinal herbs and fungi are changing lives for the better. Cheng Pan, a local Party official, said the farm has become a corner- stone of local agriculture. The farm, which yielded 15 metric tonnes of dried lingzhi last year, is sup- plying seedlings and technical support to about 400 lingzhi -growing families in Manling to increase output. “The growth is exponential,” Cheng said, emphasising that ling- zhi cultivated in Manling are supe- rior to those grown in lower-alti- tude regions, making them highly sought-after in the market. The fungi are believed to improve the immune system, helping the body fight off infections and illnesses, and have been used in traditional Chinese medicine for thousands of years. Lingzhi mushrooms are being mass-produced in greenhouses as part of a growing medicinal farm- ing industry in Manling. Just a few kilometres from the farm the local government has collaborated with pharmaceutical companies from wealthier regions to cultivate beimu , or Fritillaria cirrhosa bulbs, a herb related to lilies, traditionally used for cough relief. In a nearby pine forest workers are excavating pits to sow seedlings of huangjing, also known as King Solo- mon’s seal, which produces a herb known for its anti-inflammatory, antioxidant and immune-modulat- ing properties. Mass-producing such herbs can relieve pressure on the natural envi- ronment, Cheng said. “Based on our current estimates, if we want to meet the high demand by having people dig wild beimu in the mountains, it is highly prob- able that within just two to three years this species will be driven to extinction.” Red Sun Family Farm is owned by Nyima, a once-impoverished farm- er who has not only transformed his own life but also uplifted many within his ethnic Tibetan communi- ty. He is considered a local “pioneer in prosperity”. The term is widely used by author- ities to refer to individuals who lead by example in creating wealth or achieving financial success, often inspiring others to follow suit. His journey to prosperity began 14 years ago when he cultivated lingzhi. Before that there had been twists and turns in his business endeav- ours. In 2007 Nyima and his fam- ily of four were living in a mod- est 23-square-metre prefabricated home, struggling to make ends meet. Seeking a change, he ventured into agricultural entrepreneur- ship. In 2008 he took out a loan of 150,000 yuan ($21,000) to establish a pig and chicken farm in his village. However, his business suffered due to a lack of knowledge about breed- ing techniques and an unfavourable market. In 2010 authorities adopted poli- cies aimed at developing Manling into a centre for medicinal herbs. Sensing the business potential, Nyima shifted gears and founded a medicinal farm focusing on rais- ing tianma , or Gastrodia elata , a herb related to orchids. The decision proved a big success, and he turned a profit in the first year. Aided by the local government, in 2012 Nyima renamed the company Red Sun Family Farm, and expand- ed its range of medicinal plants, and the business took off. With a better financial standing, he thought about helping others. In 2016, at the height of China’s fight against absolute poverty, he gave lingzhi seedlings to poor farmers to grow and offered to buy what they grew. In 2021 at the Great Hall of the People in Beijing Nyima was hon- oured with a national award for his contribution to alleviating poverty. “We have established a sales net- work on the popular messaging app WeChat so that our herbs and fungi can be sold farther afield,” he said. 2 CHINA DAILY China Daily 15 Huixin Dongjie, Chaoyang, Beijing, China 100029 +86 (0) 10 64918366 chinawatch@chinadaily.com.cn Advertising: +86 (0) 10 64918631; ads@chinadaily.com.cn Website: www.chinadaily.com.cn Follow us on: Facebook.com/chinadaily x.com/ChinaDaily China Daily Asia Pacific China Daily Hong Kong Room 1818, Hing Wai Centre, 7 Tin Wan Praya Road, Aberdeen, Hong Kong +852 2518 5111 editor@chinadailyhk.com editor@chinadailyasia.com © 2024 China Daily All Rights Reserved CONTACT US From little seedlings grow large profits Mighty efforts in raising living standards of tens of millions can be seen in country’s bridges and roads. Li Lei and Li Yingqing report Fight that has routed poverty Per capita disposable income in rural areas (Unit: yuan) 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 13,432 12,363 11,422 10,489 9,430 8,389 21,691 20,133 18,931 17,131 16,021 14,617 A family who have been relocated from their remote home in the mountains to a modern community in Anshun, Guizhou province. YANG WENBIN / XINHUA A farmer tends to cherry tomato vines in a greenhouse in a village in Pingshan, Hebei province. CHEN YEHUA / XINHUA 75 YEARS ONFreshly harvested lingzhi mushrooms are neatly arranged on shelves to be dried for market in Manling, Xizang autonomous region, in September. LI LEI / CHINA DAILY CHINA DAILY By Cheng Yu On a narrow one-way street in Guangzhou, South China’s Guangdong province, a company with just 45 skilled workers provides 300,000 electrical adapters every day to big electronics companies. In fact among the customers of Yihong Precision Technology Co Ltd, which makes type-C adapters, is the smartphone maker Xiaomi as well as Sony and Nintendo of Japan. Despite a global downturn in con- sumer electronics over the past year, Yihong continues to enjoy a steady increase in sales thanks to its well- rounded and flexible supply chains. Powered by improvements in manu- facturing and the strength of supply chains over the past decade, China is no longer just the world’s factory, but has become critical in shaping global manufacturing. That is evident in the agile manufac- turing supply chains that are powering the rise of e-commerce companies such as Shein and Temu, and in the country’s new energy vehicles industry and its 5G factories. In an interview with China Daily, Tim Cook, CEO of Apple, said his company’s Chinese suppliers now have the most advanced manufacturing in the world. “If you look at the automation level, it’s not just off-the-shelf automation. It’s customised automation. They have robotics, automatic guided vehicles and very precise vision systems. There’s no supply chain in the world more critical to Apple than that of China. We’ve been building up and investing more and more here.” China’s manufacturing prowess can largely be attributed to its mastery of flexible, data-driven supply chains, line the ones that power Shein and Temu, over the past decade. Shein, a name now synonymous with ultra-fast fashion, has revolutionised the way garments are produced and distrib- uted. Its innovative supply chain model allows it to identify global fashion trends and get new designs from the design stage to the customer’s doorstep in as little as three weeks. With factories in China operating around the clock and using AI to moni- tor changes in consumer demand, Shein produces in small batches, reducing waste and keeping inventories flexible. Temu, a rising e-commerce star, operates in a similar way, enabling on- demand manufacturing of consumer goods. Temu’s use of big data enables its suppliers to react instantly to consumer preferences, with factories producing exactly what customers want. Li Mingtao, chief researcher of e-commerce at the China International Electronic Commerce Centre in Bei- jing, said: “These companies are not just fast in terms of manufacturing. They are smart, demonstrating the future of global supply chains. China’s momen- tum in digitalising the manufacturing process is likely to minimise overpro- duction and maximise manufacturing efficiency.” When talking of China’s manufactur- ing prowess, the country has well posi- tioned it at the forefront of the global green revolution, powered by electric vehicles, lithium-ion batteries and solar cells over the past decade. Yu Xiangrong, a Citigroup economist, said: “China’s exports have changed, with household appliances, furniture and clothing giving way to EVs, lithium- ion batteries and solar cells. The shifting export drivers demonstrate progress in China’s industrial upgrading. China has clearly risen up the value chain and remains competitive amid a reconfigu- ration of the global supply chain. “This ability to manufacture a range of products from low-value consumer goods to high-tech innovative products provides resilience for China’s exports, and continuous upgrades to manufac- turing capabilities, R&D investment and emphasis on cost controls should help sustain its competitiveness in trade.” Over the past 10 years the country has become the world’s largest market for new energy vehicles. Last year Chi- na exported 4.91 million automobiles, of which 1.2 million were new energy vehicles, 77.6% more than in 2022, the ninth year in a row of such production and sales ranking first, the Ministry of Industry and Information Technology said. China’s dominance in NEVs isn’t just about vehicles. It’s also powered by its prowess in a critical component — lith- ium-ion batteries. According to global consulting firm SNE Research, in 2023, Chinese companies occupied six of the top 10 positions in global power bat- tery installations, with a market share of 63.5%. Nevertheless, the foundation of China’s future industrial landscape also lies in its leadership in 5G technology, which is transforming everything from factories to city infrastructure. Over the past decade, China had near- ly 3.65 million 5G base stations and the penetration rate of 5G users exceeded 60%. This massive infrastructure rollout has allowed the country to implement cutting-edge smart manufacturing processes, where factories operate with near-zero latency, machines commu- nicate seamlessly and real-time data analytics drive efficiency. CHINA DAILY Opening-up continues to pay huge for all F oreign companies once used to send their managers, sales experts and engineers, along with product samples, to big Chinese cities such as Beijing, Guang- zhou and Shanghai to set up represen- tative offices and test the viability of the Chinese market. This was particularly so during the 1980s, and by the 1990s many of these companies began building factories in China, their number surging after the country joined the World Trade Organ- isation in 2001. With products made in China being supplied to both domestic and inter- national markets, foreign companies such as Schneider Electric of France and Bosch Group of Germany increasingly appointed Chinese executives to head their operations in the country. This move was part of broader localisation efforts that included setting up research and development centres in China. As the People’s Republic of China celebrates the 75th anniversary of its founding this year, senior executives of multinational companies said the country’s recent economic reforms are poised to bolster the global supply chain network and deepen the integration of foreign investment with the country’s economic growth. For global firms that produce and distribute countless products and ser- vices, China has evolved into a place for promoting growth and innovation. Anna An, president for the China unit of Henkel AG & Co, a German industrial and consumer goods manu- facturer, said that since entering China more than 50 years ago her company has grown with the country, continuing to invest so as to promote talent and industry growth. “We will continue investing in China to further support our customers with innovative and sustainable solutions and products in sectors where we see strong future demand, such as consumer elec- tronics, new energy vehicles, advanced manufacturing, packaging and con- sumer goods.” Nat Madarang, president for Asia Pacific with Goodyear Tire and Rubber Co of the United States, said China is crucial to the company’s global business strategy, and that China’s new reform initiatives, aimed at expanding opening- up and fostering industrial upgrades and technological innovation, align well with his company’s objectives. “We see substantial opportunities in China’s reform and opening-up initia- tives and remain dedicated to deepening our presence and investment in China and the broader Asia-Pacific region.” International firms help power innovation and growth. Zhong Nan and Wang Keju report Smart thinking, agility and speed a winning formula for companies 3 A Nio electric vehicle is assembled at an automated assembly line in Hefei, the capital city of East China’s Anhui province. PROVIDED TO CHINA DAILY Goodyear said it has benefitted from the Regional Comprehensive Economic Partnership, shipping tires made in Chi- na to Japan and a number of Southeast Asian countries. Driven by factors such as rapid industrial upgrading, shifting busi- ness models and growing demand for personalised products, many multina- tional companies have recognised that Chinese consumers and the business environment are continuing to evolve, said Tang Yihong, a professor specialis- ing in cross-border investment at the University of International Business and Economics in Beijing. In response, these companies have established more innovation and service centres to meet local demand in China, she said. From January to August China’s actual use of the foreign direct invest- ment reached 580.2 billion yuan ($81.8 billion). Affected by a high base in the corresponding period last year, the scale of such investment fell year-on-year but remained relatively high in the context of the past decade, the Ministry of Com- merce said. In particular, nearly 37,000 foreign- funded companies were newly estab- lished in China in this period, 11.5% more than in the corresponding period last year. Between January and August the foreign trade value of foreign-invest- ed businesses was 8.4 trillion yuan in China, 1.5% more than in the corre- sponding period last year, accounting for 29.4% of the country’s total foreign trade value, the General Administration of Customs said. In the 75 years since the People’s Republic of China was founded, par- ticularly during the era of reform and opening-up from 1978, the country’s foreign trade, a key driver of economic growth, has rapidly expanded, experts said. Underpinned by the country’s efforts to expand high-level openness and commitment to promoting trade, as well as a better trading structure increasingly driven by high-tech and green products, China’s foreign trade is not only grow- ing, but is also shifting towards higher quality growth along the way, they said. China’s merchandise trade vol- ume rose from $1.13 billion in 1950 to $5.9 trillion last year. That rise has been accompanied by a proportional increase in China’s share of the interna- tional market, less than 1% in 1978 and 12.4% last year, the Ministry of Com- merce said. China has retained its position as the world’s top trading nation for the sev- enth consecutive year and solidified its status as a major trading partner with more than 150 countries and regions, the General Administration of Customs said in July. The country’s stable share of the export market underlines its prowess in delivering quality products highly sought after globally, said Sang Bai- chuan, dean of the Institute of Inter- national Economy at the University of International Business and Economics. China, making the most of its inte- grated production and supply chain advantages in addition to a culture of sustained innovation, has been lauded for its diverse range of high-quality and high-tech offerings, Sang said. 75 YEARS ON 2012: Negotiations for the Regional Comprehensive Economic Partnership begin. 2013: China proposes the Belt and Road Initiative and establishes its first pilot free trade zone (FTZ) in Shanghai. 2014: China issues a strategic plan on construction of Silk Road Economic Belt and 21st Century Maritime Silk Road. 2015: Shanghai FTZ expands, while three new FTZs in Guangdong province, Tianjin and Fujian province start operations. 2016: China adopts negative list management system on foreign investment access. 2017: China sets up seven more FTZs in Liaoning, Zhejiang, Henan, Hubei, Sichuan and Shaanxi provinces and Chongqing. 2018: China announces it will develop a free trade port in Hainan province. 2019: Shanghai FTZ expands to include Lin-gang New Area; the country unveils a plan to establish six new FTZs in Shandong, Jiangsu, Hebei, Yunnan and Heilongjiang provinces, and the Guangxi Zhuang autonomous region. 2020: China starts implementing the Foreign Investment Law, issues the construction plan for the Hainan free trade port, and releases plans for Beijing, Hunan and Anhui FTZs and the expansion of the Zhejiang FTZ. 2021: China releases its first negative list for cross-border trade in services in Hainan free trade port. 2022: China issues a guideline on the high-quality implementation of the Regional Comprehensive Economic Partnership. The trade pact takes effect on January 1. 2023: China introduces 24-point action plan to attract foreign investment, facilitate data flows and business travel, providing more opportunities for multinational corporations to enter and participate in the Chinese market through expanded access and cut their operating costs. 2024: China released the new negative list in early September, which will take effect on November 1, reduces the number of restrictions from 31 to 29, achieving zero restrictions on the manufacturing sector. SOURCE: MINISTRY OF COMMERCE AND NATIONAL DEVELOPMENT AND REFORM COMMISSION China’s major moves to boost investment and trade activities (2012-24)Next >