Category: China

  • MIL-OSI China: NDRC brings forward investment plans

    Source: People’s Republic of China – State Council News

    China will bring forward part of the investment plans originally set for 2025 to this year while studying to expand the scope that local government special bonds can be used, as part of the country’s stepped-up efforts to spur investment and achieve steady economic growth, officials said on Tuesday.

    Zheng Shanjie, head of the National Development and Reform Commission, said the top economic regulator plans to allocate the investment plans for next year’s central government budget of 100 billion yuan ($14.2 billion) and another 100 billion yuan for key investment projects by the end of this year in advance.

    Zheng said at a news conference on Tuesday that the NDRC is looking more closely at how to enlarge the support provided by local government special bonds. This includes broadening the area, scale and proportion of special bond funds used as project capital, with specific reform measures to be launched as soon as possible.

    Special bonds will be used to vitalize idle land to stabilize the property market, Zheng said, adding that the country will continue to issue ultra-long special sovereign bonds next year and support local governments in carrying out debt swaps to defuse debt risks.

    “In response to the downward pressure on the economy, we will strengthen the counter-cyclical adjustments of macro policies and continue to exert greater force in all areas,” Zheng said.

    The latest policy announcement to spur investment comes after China released a set of measures to ease monetary policy and shore up the housing market amid renewed economic downward pressures, with the growth of industrial output, retail sales and fixed-asset investment slowed in August.

    Liu Sushe, deputy head of the NDRC, said the commission plans to issue investment plans and projects for the 200 billion yuan at the end of this month, which can translate into physical work volume within this year.

    Meanwhile, Liu said the measures mulled to improve the management of local government special bonds are expected to give local governments more autonomy in the review process and help special bonds play a bigger role in investment.

    Special bonds are invested in specific projects that can generate a stable income to pay off the debt.

    In the first three quarters, local governments issued 2.83 trillion yuan of this year’s special bond quota used for project construction worth 3.12 trillion yuan, official data showed.

    Liu said the commission will urge local governments to issue the remaining 290 billion yuan in special bonds allocated for this year by the end of October and ensure that the construction of related projects begins as soon as possible.

    Wei Qijia, director of the industrial economy research office at the State Information Center’s Department of Economic Forecasting, which is part of the NDRC, told China Daily that the policy focus in terms of special bonds lies in making full use of bond proceeds to maximize their effect in boosting the economy.

    “Meanwhile, bringing forward the 200 billion yuan in investment has reflected policymakers’ emphasis on making decisive actions and lifting policy efficiency,” Wei said, adding that another policy focus to watch will be the measures to facilitate local government debt swaps, a task critical for maintaining high-quality development and securing financial stability.

    MIL OSI China News

  • MIL-OSI China: Shenzhen airport welcomes over 6,500 foreign visitors during National Day holiday

    Source: People’s Republic of China – State Council News

    Shenzhen airport welcomes over 6,500 foreign visitors during National Day holiday

    “China Travel” continues to soar in global popularity. During the National Day holiday, Shenzhen Airport saw an influx of over 6,500 foreign visitors — an 87.3-percent year-on-year increase. Nearly 1,500 of them entered visa-free. Most visitors hail from Malaysia, Singapore, Thailand, and Germany. The airport also handled over 103,000 passengers during the holiday, a 56.9-percent rise compared to previous years.

    MIL OSI China News

  • MIL-OSI China: Chinese commerce minister, U.S. commerce secretary hold phone talk

    Source: People’s Republic of China – State Council News

    Chinese commerce minister, U.S. commerce secretary hold phone talk

    BEIJING, Oct. 8 — China’s Commerce Minister Wang Wentao held a telephone talk with U.S. Commerce Secretary Gina Raimondo on Tuesday, according to China’s Ministry of Commerce.

    The two sides conducted candid, in-depth and pragmatic communication on economic and trade issues of respective concern, with a focus on the implementation of the important consensus reached between the two heads of state of China and the United States at the San Francisco meeting.

    The phone conversation is an arrangement under the communication mechanism between the two commerce departments.

    The San Francisco meeting has pointed out direction for the development of the China-U.S. economic and trade relations, said Wang.

    The commerce departments of the two countries have maintained close contact at different levels, said Wang, adding that positive progress has been made in expanding cooperation, managing differences, and addressing specific concerns of enterprises.

    China-U.S. economic and trade relations should become the “ballast” in bilateral relations, he said.

    Wang said that China is willing to work with the United States on the basis of mutual respect, peaceful coexistence, and win-win cooperation to jointly implement the consensus reached at the San Francisco meeting, and put China-U.S. relations back on the right track.

    Wang expressed serious concerns about the U.S. semiconductor policy towards China and the restrictions on Chinese connected vehicles.

    It’s necessary to clarify the national security boundaries in the economic and trade field, as it is conducive to maintaining the security and stability of the global industrial and supply chains, and creating a favorable policy environment for cooperation between the business communities from the two countries, Wang stressed.

    China urges the U.S. side to pay attention to the specific concerns of Chinese enterprises, promptly lift sanctions on Chinese companies, and improve the business environment for Chinese companies in the United States, Wang said.

    MIL OSI China News

  • MIL-OSI China: ‘China Travel’ boom showcases appeal, openness

    Source: China State Council Information Office

    Pan Fenglan (C) talks with German tourists at her homestay at Dazhai Village of Longsheng County, south China’s Guangxi Zhuang Autonomous Region, June 26, 2024. [Photo/Xinhua]

    A Chinese foreign ministry spokesperson on Tuesday said the “China Travel” boom showcases China’s appeal and openness.

    According to data released by multiple tourism platforms, during the National Day holiday, the number of travel orders by foreign tourists to China grew by around 60 percent year-on-year, and many Chinese cities have become popular destinations. Also, relevant authorities, including the Ministry of Foreign Affairs, recently rolled out facilitation measures for foreign travelers to China.

    In response to a related query, spokesperson Mao Ning said at a daily news briefing that China now enjoys comprehensive mutual visa exemption with 24 countries, offers visa-free entry policy for 16 countries, and extends 72-hour or 144-hour visa-free transit policy to 54 countries.

    “It’s increasingly easier and more enjoyable for foreign tourists to visit China,” Mao said, adding that Beijing unveiled the brochure titled “Welcome to Beijing: Essential Tips for New Arrivals,” which offers a bird’s-eye view of all kinds of services and information. Shanghai equipped its taxis and subway stations with payment devices that accept foreign bankcards. Eight cities including Chengdu and Xi’an launched new steps on a pilot basis to make payment easier for foreigners in China, she added.

    “China will open wider to the world and make cross-border travel easier. We welcome more foreign friends to visit China, enjoy the beautiful landscape and experience the charm of the country,” said Mao.

    MIL OSI China News

  • MIL-OSI China: Military operations, violence will only push peace, stability further out of reach: Chinese spokesperson

    Source: China State Council Information Office

    People gather in a rally to support Palestinians in New York City, the United States, on Oct. 7, 2024. On the first anniversary of Hamas’ assault on Israel which falls on Oct. 7, thousands of protesters took to the streets in many places around the world to express solidarity with the Palestinians and demand an immediate ceasefire from Israel amid the ongoing Israeli-Palestinian conflict. [Photo/Xinhua]

    October 7 marks the first anniversary of the conflict in Gaza. A Chinese foreign ministry spokesperson said on Tuesday that the harsh reality fully proves that military operations and violence are not the way out, and will only accumulate grievance and push peace and stability further out of reach.

    “The Gaza conflict has been dragging on for a whole year, and has caused the loss of many innocent lives and unprecedented humanitarian disaster,” spokesperson Mao Ning said at a daily news briefing, adding that the spillover of the conflict affects the region and tensions in the region have continued to escalate.

    China is deeply concerned that the fighting is still going on and peace remains elusive, she said.

    Mao added that not long ago, China proposed the three-step initiative regarding the conflict in Gaza, which identifies ceasefire and humanitarian aid as the pressing priority, “the Palestinians governing Palestine” as the fundamental principle of post-conflict reconstruction in Gaza and the two-State solution as the fundamental way forward.

    The legitimate national rights of the Palestinian people need to be realized and the reasonable security concerns of Israel need to be paid attention to, said Mao.

    The international community needs to, on the basis of promoting deescalation, hold a more broad-based, authoritative and effective international peace conference and formulate a timetable and roadmap for the implementation of the two-State solution, to eventually realize peaceful coexistence between the two states of Palestine and Israel as well as harmony between the Arab and Jewish peoples, she added.

    MIL OSI China News

  • MIL-OSI China: UN chief warns Lebanon is on verge of all-out war

    Source: China State Council Information Office

    This photo taken on Oct. 6, 2024 shows the destruction caused by an Israeli airstrike in Ghazieh, Lebanon. [Photo/Xinhua]

    Lebanon is “on the verge of an all-out war,” but there is still time to stop, UN Secretary-General Antonio Guterres said on Tuesday.

    Speaking to reporters at the UN headquarters in New York, Guterres said the Middle East “is a powder keg with many parties holding the match.”

    “I have warned for months of the risks of the conflict spreading,” said the UN chief, adding that the situation in the occupied West Bank is “boiling over,” and attacks in Lebanon are threatening the entire region.

    He said that over the last few days, exchanges of fire between Hezbollah and others in Lebanon and the Israel Defense Forces have intensified across the Blue Line, in total disregard of Security Council resolutions 1701 and 1559.

    Guterres noted that large-scale Israeli strikes deep into Lebanon, including Beirut, have killed more than 2,000 people over the last year — and 1,500 in just the past two weeks alone, and attacks by Hezbollah and others south of the Blue Line have killed at least 49 people over the last year. In addition, Lebanese authorities report over 1 million people have been displaced in Lebanon, and 300,000 people have fled into Syria, while over 60,000 people remain displaced from northern Israel.

    “We are on the verge of an all-out war in Lebanon, with already devastating consequences. But there is still time to stop,” he said.

    “The sovereignty and territorial integrity of all countries must be respected,” he stressed.

    The secretary-general commended the UN peacekeeping force in Lebanon, known as UNIFIL, for continuing “to carry out their mandates to the extent possible,” and called on all actors to ensure their safety and security.

    Guterres said the past year “has been a year of crises — humanitarian crisis, political crisis, diplomatic crisis, and a moral crisis,” and “the nightmare in Gaza is now entering an atrocious, abominable second year.”

    Over the last year, following the attacks by Hamas on Oct. 7, 2023, “Gaza has become ground zero to a level of human suffering that is hard to fathom,” with over 41,000 Palestinians reportedly killed, mostly women and children, and thousands more missing, he said.

    “Virtually the entire population has been displaced — and no part of Gaza has been spared,” said Guterres. “No place is safe in Gaza and no one is safe.”

    He underscored that international law is unambiguous: “civilians everywhere must be respected and protected, and their essential needs must be met, including through humanitarian assistance,” and strongly condemned all violations of international humanitarian law in Gaza.

    The UN chief reiterated the calls for an immediate ceasefire both in Gaza and Lebanon, the immediate and unconditional release of hostages, and immediate lifesaving aid to all those who desperately need it, and the calls for irreversible action for a two-state solution between Israel and Palestine.

    MIL OSI China News

  • MIL-OSI China: 7 people killed in Israeli attack targeting Syrian residential neighborhood

    Source: China State Council Information Office

    Rescuers transfer a child injured in an Israeli attack in the residential neighborhood of Mazzeh, west of Damascus, Syria, on Oct. 8, 2024. [Photo/Xinhua]

    An Israeli airstrike targeted a residential building in the densely populated Mazzeh neighborhood of Damascus on Tuesday night, killing seven civilians, including women and children, and injuring 11 others, according to a statement by the Syrian Defense Ministry.

    The attack, which occurred at approximately 8:15 p.m. local time (1715 GMT), involved three missiles launched from the direction of the Israeli-occupied Golan Heights, said the statement.

    It added that the strike caused significant damage to the surrounding area with rescue efforts still underway.

    A Xinhua reporter at the scene heard the sound of explosions, accompanied by billowing clouds of smoke and the wailing of ambulances.

    The airstrike struck a 14-floor building in the Sheikh Sa’ad area, a residential and commercial hub in the heart of Mazzeh.

    Three floors in the building were completely damaged, as the three missiles hit each of them. Rescue workers were still searching for survivors and casualties.

    In response to the incident, the Syrian Foreign Ministry issued a strong condemnation, calling the attack a “brutal crime” and a “grave violation” of international law.

    “This brutal crime against unarmed civilians is a continuation of the genocide committed by this occupying entity against Palestinians and Lebanese,” said the Syrian Foreign Ministry in a statement, emphasizing the need for immediate international measures to prevent Israel from continuing its “pattern of criminal behavior.”

    It is the first instance of the Sheikh Sa’ad area being directly targeted by an Israeli attack.

    MIL OSI China News

  • MIL-OSI China: More policies in pipeline to boost economy

    Source: China State Council Information Office

    As there have been more signs recently of a bull run in the A-share market, including soaring indexes and the stratospheric level of the trading volume, more economic stimulus policies as well as investors’ patience are equally important to further consolidate the upward trend of Chinese equities, said experts.

    Resuming after the National Day holiday, the benchmark Shanghai Composite Index gained 4.59 percent to close at 3489.78 points on Tuesday, while the Shenzhen Component Index surged 9.17 percent. The technology-focused ChiNext in Shenzhen spiked 17.25 percent. Semiconductor, software development and securities companies led Tuesday’s rally.

    The combined trading value at the Shanghai and Shenzhen bourses stood at 3.45 trillion yuan ($490 billion) on Tuesday, surpassing the previous record of 2.6 trillion yuan on Sept 30, the last trading day before the holiday.

    The A-share market’s rally on Tuesday came as officials of the National Development and Reform Commission, China’s top economic regulator, said on the same day that the country will launch a batch of incremental policies to promote the sustained economic recovery and development.

    “China is confident of maintaining steady and healthy economic growth and achieve the full-year growth target,” said Zheng Shanjie, head of the NDRC, at a news conference on Tuesday, adding that more efforts will be made to strengthen the countercyclical adjustments for macroeconomic policies.

    The incremental policies released in late September attached greater importance to improving the quality of economic growth, supporting the real economy, facilitating the sound development of market entities, and coordinating high-quality development and high-level security, he said.

    Since Sept 24, the country’s top regulators have come up with supportive measures covering the financial sector, the property market, and support to the real economy, among others.

    The measures will be better used to spur more development potential and better achieve this year’s growth target, said Zheng.

    Meanwhile, continued efforts will be made to boost the capital market, according to Zheng. More effective and comprehensive measures will be introduced to vigorously guide the inflow of long-term capital. Blockages preventing the smoother entry of social security funds, as well as insurance and wealth management funds into the capital market should be removed.

    Public companies will be supported in mergers and acquisitions as well as restructuring. The reform of mutual funds should be advanced steadily, and efforts will be made to promulgate measures to protect individual investors, said Zheng, noting that these policies will be released at a faster pace.

    Liu Gang, managing director of China International Capital Corp, said the measures announced in September had exceeded market expectations and rekindled investors’ passion, emphasizing the financial measures’ support for the stock market.

    These have served as a driver for the recent bullish performance of the A-share market. But the market’s future performance will be determined by the pace and scale of successive policies, especially fiscal policies, Liu said.

    Luo Zhiheng, chief economist at Yuekai Securities, said that fiscal and property market policies should better coordinate with the recently released monetary policies to stabilize investors’ confidence and expectations. Increasing the scale of this year’s budget deficit, accelerating the issuance of special bonds, granting subsidies to special groups of people and the issuance of additional treasury bonds can be possible options in terms of supportive fiscal measures, he said.

    China may adopt moderate fiscal stimulus of about 1.5 to 2 trillion yuan in the short term, which is also a reasonable level, said Wang Tao, chief China economist at UBS Investment Bank.

    Chen Guo, chief strategist at China Securities, said that the Chinese stock market’s recent bullish performance is supported by the revaluation of Chinese assets and recovered confidence. But a well-grounded overall bull run still needs time, especially the further improvement of economic fundamentals. Investors should have patience for the medium term, he said.

    Noting that the A-share market will enter a period of sustainable growth in the medium term, during which fluctuations cannot be avoided, Zhang Qiyao, chief strategist at Industrial Securities, said there is still room for a rise in the short run. Investors should watch for how long the bullish trend will last rather than focus on short-term peaks, he said.

    In a report released on Monday, analysts from Goldman Sachs raised 10 reasons to increase exposure to A-shares, including strong economic stimulus, upbeat investors’ mood, undervalued Chinese equities, companies’ improving earnings and a relaxed external environment.

    MIL OSI China News

  • MIL-OSI China: National Day holiday consumption displays China’s economic vitality, potential

    Source: China State Council Information Office

    Tourists taste food at the Qianmen pedestrian street in Beijing, capital of China, Oct. 7, 2024. [Photo/Xinhua]

    China’s just-concluded National Day holiday ignited a surge in consumer activity, fueled by a dynamic blend of travel demand and targeted incentives, highlighting the strong economic vitality of the world’s second largest economy.

    Over the seven-day holiday ending on Monday, more than 2 billion cross-regional trips were made nationwide, according to the Ministry of Transport, representing a 4.1-percent average daily increase compared to 2023.

    The surge in travel not only boosted tourism-related industries but also stimulated consumer spending across various sectors — highlighting the resilience of China’s domestic market during and beyond the holiday period.

    Local governments and businesses responded to the travel rush with innovative initiatives, such as consumer vouchers and home appliance trade-in programs, aimed at tapping into the holiday spirit and bolstering consumption.

    Tourism boom with inbound surge

    The holiday unleashed a travel frenzy. During the holiday period, a remarkable 765 million domestic trips were made, marking a 5.9 percent year-on-year increase, with total tourist spending surging 6.3 percent to 700.8 billion yuan (about 99.11 billion U.S. dollars).

    The travel boom was fueled by a growing demand for diverse tourism experiences, with domestic bookings of travel packages, including flights, hotels and dining, jumping by 40 percent, according to Fliggy, a popular travel platform.

    Data from Trip.com, another leading travel platform, showed that outbound travel orders had surpassed 2019 level, driven by trips to popular destinations such as Thailand, Malaysia, Singapore and Australia.

    Notably, inbound tourism exceeded outbound travel, with inbound orders skyrocketing by 60 percent year on year during the holiday, as more foreign tourists flocked to China, drawn by its unique blend of natural beauty, historical landmarks and vibrant modern attractions.

    The China Tourism Academy predicts that foreign arrivals in the second half of 2024 will exceed 15 million, with the inbound tourism market expected to return to 2019 level, marking the start of a new growth cycle.

    Cultural tourism flourished during the holiday, seeing activities like museum visits, exhibitions and immersive experiences becoming major highlights. Beijing, for instance, hosted over 900 cultural events, an 11-percent increase compared with last year.

    Fueled by the blockbuster video game “Black Myth: Wukong,” north China’s Shanxi has recently seen a phenomenal travel boom, as this province is home to many of the stunning locations featured in the game.

    Analysts expect that as more travelers engage with diverse cultures, the vibrant growth of China’s economy and the richness of its cultural heritage will be fully showcased.

    Spending boost with policy support

    The holiday also sparked a wave of consumer activity, with government-backed incentives playing a key role in heating up the market.

    China unveiled an action plan in March this year to implement a program of large-scale equipment upgrades and trade-ins of consumer goods to expand domestic demand, and stepped up policy support in July with an extra funds injection of 300 billion yuan via ultra-long special treasury bonds.

    Encouraged by the trade-in policy and automaker discounts, the holiday period saw new car sales increase by 11.7 percent — with new energy vehicle sales surging 45.8 percent year on year.

    During the holiday, JD.com, a leading online retailer, reported an increase of 67 percent in home appliance sales compared with 2023, while home appliance retailer, Suning, saw trade-in orders rising by 132 percent year on year.

    According to the Ministry of Commerce, in the first three days of the holiday, 1.04 million consumers purchased 1.55 million home appliances under the trade-in program, contributing to sales of 7.36 billion yuan.

    Powered by the travel and tourism surge, the dining sector across China sizzled with energy. Data from Meituan, one of China’s leading e-commerce platforms for services, showed that from Oct.1 to 5, daily average dine-in consumption rose 33.4 percent compared to the same period last year.

    Audiences packed cinemas, with a total of 2.1 billion yuan in box office takings recorded during the holiday.

    Local governments rolled out policy measures to spur consumption. Shanghai, for instance, injected 5 billion yuan into vouchers for dining, entertainment and shopping, while cities including Chongqing hosted a variety of promotions to spark consumption.

    “The robust holiday consumption highlights China’s vast market, and its strong economic resilience and great potential,” said Xu Guangjian, a professor at the Renmin University of China.

    The accelerated integration of culture, sports and tourism, along with evolving business models, is creating new opportunities for sustained growth, further consolidating the role of consumption as a key driver of the economy, Xu noted.

    MIL OSI China News

  • MIL-OSI China: Nobel Prize in physics awarded to AI pioneers

    Source: China State Council Information Office

    The 2024 Nobel Prize in Physics is announced in Stockholm, Sweden, Oct. 8, 2024. [Photo/Xinhua]

    The 2024 Nobel Prize in Physics went to two scientists, John J. Hopfield and Geoffrey E. Hinton, for their foundational discoveries and inventions that enable machine learning with artificial neural networks, the Royal Swedish Academy of Sciences announced on Tuesday.

    This year’s laureates for the prize “used fundamental concepts from statistical physics to design artificial neural networks that function as associative memories and find patterns in large data sets,” said Ellen Moons, chair of the Nobel Committee for Physics.

    Hopfield works at Princeton University and Hinton at the University of Toronto. They used tools from physics to develop methods that are the foundation of today’s powerful machine learning, the academy said in a press release.

    Artificial neural networks, now crucial to various fields, have advanced physics research and become integral to daily life, with applications such as facial recognition and language translation, Moons noted.

    Moons said the benefits of machine learning are extensive, but the technology’s rapid development has raised concerns about its long-term effects. She stressed that “humans carry the responsibility for using this new technology in a safe and ethical way for the greatest benefit of humankind.”

    MIL OSI China News

  • MIL-OSI China: China, US commerce ministers hold phone talks

    Source: China State Council Information Office

    China’s Commerce Minister Wang Wentao held a telephone talk with U.S. Commerce Secretary Gina Raimondo on Tuesday, according to China’s Ministry of Commerce.

    The two sides conducted candid, in-depth and pragmatic communication on economic and trade issues of respective concern, with a focus on the implementation of the important consensus reached between the two heads of state of China and the United States at the San Francisco meeting.

    The phone conversation is an arrangement under the communication mechanism between the two commerce departments.

    The San Francisco meeting has pointed out direction for the development of the China-U.S. economic and trade relations, said Wang.

    The commerce departments of the two countries have maintained close contact at different levels, said Wang, adding that positive progress has been made in expanding cooperation, managing differences, and addressing specific concerns of enterprises.

    China-U.S. economic and trade relations should become the “ballast” in bilateral relations, he said.

    Wang said that China is willing to work with the United States on the basis of mutual respect, peaceful coexistence, and win-win cooperation to jointly implement the consensus reached at the San Francisco meeting, and put China-U.S. relations back on the right track.

    Wang expressed serious concerns about the U.S. semiconductor policy towards China and the restrictions on Chinese connected vehicles.

    It’s necessary to clarify the national security boundaries in the economic and trade field, as it is conducive to maintaining the security and stability of the global industrial and supply chains, and creating a favorable policy environment for cooperation between the business communities from the two countries, Wang stressed.

    China urges the U.S. side to pay attention to the specific concerns of Chinese enterprises, promptly lift sanctions on Chinese companies, and improve the business environment for Chinese companies in the United States, Wang said.

    MIL OSI China News

  • MIL-OSI China: Turnover hits record high on China’s stock markets

    Source: China State Council Information Office

    This photo taken on Oct. 8, 2024 shows the Shenzhen Stock Exchange in Shenzhen, south China’s Guangdong Province. [Photo/Xinhua]

    The combined turnover of China’s Shanghai and Shenzhen bourses reached 3.45 trillion yuan (about 487.92 billion U.S. dollars) on Tuesday, surpassing the 2.59 trillion-yuan turnover recorded on Sept. 30 and hitting a new high.

    The benchmark Shanghai Composite Index went up 4.59 percent to close at 3,489.78 points, while the Shenzhen Component Index closed 9.17 percent higher at 11,495.1 points.

    Over 5,000 stocks ended higher, with the server-operating-system and semiconductor sectors leading the gains.

    The ChiNext Index, tracking China’s Nasdaq-style board of growth enterprises, gained 17.25 percent to close at 2,550.28 points.

    The market sentiment rose strongly on the Chinese government’s announcement of a mix of policy measures including monetary stimulus and property market support policies to galvanize the economy’s rebound.

    On Sept. 24, the People’s Bank of China announced a cut in the reserve requirement ratio by 0.5 percentage points for financial institutions. On Sept. 29, it announced a reduction in the mortgage rates for first homes, second homes and more by no lower than 30 basis points below the loan prime rate by the end of this month.

    On the same day, China’s Ministry of Housing and Urban-Rural Development also vowed support to stabilize the real estate market, by encouraging municipal governments, especially those in the first-tier cities, to leverage their decision-making powers to regulate the real estate market, and adjust policies restricting housing purchases based on local conditions.

    China is confident of achieving the full-year growth target, while mulling new supporting policies to sustain the steady and healthy economic growth, the country’s top economic planner told a press conference Tuesday.

    More efforts will be made to bolster the capital market, by vigorously guiding medium and long-term funds into the capital market, promoting mergers and acquisitions among listed companies, as well as mulling over and introducing measures to protect small and medium-sized investors, said Zheng Shanjie, head of the National Development and Reform Commission.

    MIL OSI China News

  • MIL-OSI China: Heavy-duty gas turbine undergoes first ignition test

    Source: China State Council Information Office

    A view of China’s self-developed 300 MW F-class heavy-duty gas turbine. [Photo/Xinhua]

    China’s independently developed 300 megawatt F-class heavy-duty gas turbine successfully completed its first ignition test on Monday in Shanghai’s Lingang area, underscoring the nation’s advancements toward enhanced energy security and sustainable development.

    The 300MW F-class unit, developed by China United Gas Turbine Technology Co, represents the largest and most technologically advanced heavy-duty gas turbine China has developed entirely through domestic efforts. Its technical indicators match those of mainstream international F-class turbine models currently in operation worldwide, according to the website of the Ministry of Industry and Information Technology.

    The ignition validates the turbine’s overall design integrity, manufacturing quality and functionality of the testing systems, paving the way for comprehensive operational verification trials.

    “This breakthrough follows over eight years of intensive research and development,” said Minister Jin Zhuanglong. “This successful ignition is another milestone following the rollout of the first prototype in February, officially advancing the program into full machine testing and validation.”

    Mo Jingfei, director of the science and technology management department at China United Gas Turbine Technology, highlighted the unit’s generating capacity.

    “It is estimated that under a combined cycle configuration, a single set of this equipment could generate approximately 450,000 kilowatts per hour — equivalent to one-eighth of the average hourly electricity consumption in Beijing,” he was quoted by Xinhua News Agency.

    Compared with the generation efficiency of 35-46 percent for conventional thermal power, the generation efficiency of combined cycle power plants can reach 55 percent, and can be coupled with new energy to better meet user demands in peak adjustment, Mo added.

    As a type of internal combustion and a core engine in the energy sector, gas turbines generate power by burning fuel like natural gas mixed with air to spin turbine blades. They can operate continuously for long periods in high-temperature, high-stress and highly corrosive environments. Based on operating temperatures, the heavy-duty units are classified into E, F, G/H and J classes, with F-class representing the mainstream global model operating at around 1,400 C.

    Compared to traditional coal and oil-fired power plants, natural gas-fired turbines emit significantly lower levels of pollutants. Their carbon dioxide emissions are approximately half those of coal-fired power plants, making this cleaner, more sustainable technology essential for China and other nations striving to meet environmental goals. These turbines have widespread applications in ground-based power generation and peak shaving for power grids.

    However, developing huge, ultrahigh temperature gas turbines is widely regarded as an immense engineering challenge. As reported by local news portal The Paper, for about six decades, the global heavy-duty gas turbine market has been dominated by US, German and Japanese manufacturers, and China’s gas turbine industry has been plagued by latecomer challenges such as design complexity and restricted access to proprietary foreign technologies.

    The tide began to turn in 2012 when China’s State Council launched the national strategic program focused on aero engines and gas turbines. In 2014, major enterprises, including the former China Power Investment Corporation, joined forces to establish a united company in Shanghai to spearhead development efforts through independent design efforts and strategic technology cooperation.

    In 2017, the united company became China United Gas Turbine Technology Co, which was tasked with leading national R&D initiatives from fundamental research to prototype manufacturing and validation.

    MIL OSI China News

  • MIL-OSI China: China studying measures to raise tariffs on imported large-engine fuel vehicles: ministry

    Source: China State Council Information Office

    China is studying measures on increasing tariffs for imported fuel-powered cars with large-displacement engines, the Ministry of Commerce (MOC) said on Tuesday.

    China will take all necessary measures to firmly safeguard the legitimate rights and interests of Chinese industries and enterprises, according to a spokesperson from the MOC.

    The MOC announced on Tuesday that it will impose temporary anti-dumping measures on brandy originating from the European Union (EU) in accordance with Chinese laws and regulations, while adhering to World Trade Organization rules.

    China is also conducting the anti-dumping investigation into certain pork and pig by-products imported from the EU, as well as the anti-subsidy probe into certain imported EU dairy products, which will fully protect the rights of all stakeholders and make an objective and fair ruling based on the results of the investigations, the spokesperson added. 

    MIL OSI China News

  • MIL-OSI China: China handles about 6.3B parcels during holiday

    Source: China State Council Information Office

    An exhibitor operates an unmanned autonomous delivery vehicle for courier service displayed at the World Intelligence Expo 2024 in north China’s Tianjin, June 20, 2024. [Photo/Xinhua]

    China’s postal and express delivery industry handled around 6.3 billion parcels during the seven-day National Day holiday that ended on Monday, reflecting vibrant tourism and consumption during the period.

    A total of 3.16 billion parcels were collected during the holiday, with the average daily collection volume increasing by 28.4 percent compared with the National Day holiday last year, according to data released by the State Post Bureau on Tuesday.

    The number of parcels delivered totaled 3.12 billion, and the daily volume of delivered parcels during the period expanded by 26.7 percent from the National Day holiday period in 2023.

    Relevant enterprises have taken multiple measures to meet the robust demand nationwide, including extending service times and cooperating with cultural and tourism enterprises, said the bureau.

    MIL OSI China News

  • MIL-OSI China: China confident to achieve full-year growth target

    Source: China State Council Information Office

    An aerial drone photo taken on Feb. 2, 2024 shows a container vessel berthing at the smart zero-carbon terminal of Tianjin Port in north China’s Tianjin. [Photo/Xinhua]

    China is confident to maintain steady and healthy economic growth and achieve the full-year growth target, the country’s top economic planner said Tuesday.

    The market sentiment has improved recently with a pick-up of the purchasing managers’ index in the manufacturing sector, a warming stock market and a vital consumption market during the National Day holiday following the implementation of existing policies and the additional policies unveiled recently, Zheng Shanjie, head of the National Development and Reform Commission (NDRC), told a press conference.

    The fundamentals of China’s economic development have not changed, and favorable conditions such as huge market potential and strong economic resilience have not changed, said Zheng.

    China’s financial authorities announced a broader-than-expected policy package last month to stimulate economic recovery. These policy measures include reducing the reserve requirement ratio for banks and mortgage rates for existing homes, as well as introducing new monetary programs to boost the capital market, among other initiatives.

    The recently unveiled package of additional policies was designed to strengthen counter-cyclical macro policy adjustment, expand effective domestic demand, increase efforts to help enterprises, stabilize the real estate market and boost the capital market, Zheng said.

    The Chinese economy was able to maintain overall stable growth, with progress made in the first three quarters, said Zhao Chenxin, deputy head of the NDRC, in the press conference.

    With the effect of additional policies gradually emerging, China’s economic vitality will be further unleashed, market confidence will be further strengthened, and the foundation for the high-quality development and stable economic operation will be further consolidated, said Zhao.

    MIL OSI China News

  • MIL-OSI China: DPRK test-fires multiple rocket launcher shells

    Source: China State Council Information Office 3

    The Academy of Defence Sciences of the Democratic People’s Republic of Korea (DPRK) conducted a test-fire of 240 mm-caliber controllable multiple rocket launcher shells on Tuesday, the official Korean Central News Agency (KCNA) reported Wednesday.

    The test-fire aimed at reconfirming the hit accuracy of the rocket launcher shells at a maximum range of 67 km while checking the reliability of the automatic firing system, the KCNA said.

    MIL OSI China News

  • MIL-OSI China: A-share market set to further buoy confidence

    Source: China State Council Information Office

    Following the A-share market’s recent robust recovery buoyed by a number of stronger-than-expected stimulative policies, increasingly confident investors are attaching more attention to the stock market, whose upward momentum can be further consolidated by more supportive measures and the ongoing optimization of China’s economic growth, said industry experts.

    Preparations were made during the National Day holiday, which ended on Monday. The Shanghai Stock Exchange announced on Sunday that it will add an extra five minutes, from 9:25 to 9:30 on each trading day, for designated transactions. The new policy will take effect on Tuesday, the first trading day after the holiday.

    As explained by industry experts, a designated transaction is a step that an investor must take between opening a new stock account and commencing trading on the SSE.The latest adjustment at the SSE has been made to address the surging number of newly registered retail investors over the past few days and to facilitate trading efficiency once the market resumes, they said.

    The market’s upbeat sentiment can be felt at securities brokerages. Leading brokerages provided round-the-clock online account opening and consulting services during the recent holiday. Sinolink Securities said the account opening appointments they received during the holiday jumped 150 percent from a month earlier. Minsheng Securities said the number of daily requests for opening stock accounts over the past seven days was four times the amount before the holiday.

    To meet such surging demand, the securities account platform and identification information checking system at China Securities Depository and Clearing Co resumed operation on Sunday and Monday.

    Investor confidence has been supported by the A-share market’s recent strong rebound. Ever since the batch of incremental policies was introduced on Sept 24, the Shanghai Composite Index gained 20 percent by the end of September, with the Shenzhen Component Index up 29 percent. The combined trading value at the Shanghai and Shenzhen exchanges hit a new single-day record of 2.6 trillion yuan ($370 billion) on Sept 30.

    Laura Wang, chief China equity strategist at Morgan Stanley, said on Oct 3 that Chinese equities will gain another 10 to 15 percent on average if a new round of fiscal expenditure measures can be released in the following weeks.

    At a news conference scheduled for Tuesday, officials from the National Development and Reform Commission, the country’s top economic regulator, will explain their measures to better implement the range of supportive policies released in late September, in order to further advance economic growth and optimize China’s economic structure.

    Yang Delong, chief economist at First Seafront Fund, said the 140-trillion-yuan Chinese household savings will provide more capital for the A-share market after the National Day holiday, providing more upward impetus for the indexes.

    The increase in the Hong Kong stock market has already overtaken that of the A-share market as the latter took more days off for the holiday, said experts at Shenwan Hongyuan Securities. Therefore, a continued rally can be expected from the A-share market in the short run to narrow the price gap with Hong Kong, they added.

    Dai Kang, managing director of the development research center at GF Securities, said private equity investment funds have increased their exposure to the A-share market, which has just seen the strongest rebound in months. Chinese policymakers have smartly used the time window of interest rate cuts made by the US Federal Reserve to introduce stronger-than-expected supportive measures, he said.

    Goldman Sachs upgraded its call on Chinese stocks to overweight, saying that recent stimulus measures have bolstered confidence, and Chinese equities’ valuations are below historical averages while their earnings could further improve.

    Qiu Xiang, joint chief strategist at CITIC Securities, said that the current A-share market rally is mainly supported by reversed market expectations, as a result of the innovative monetary policies and a relaxed grip on the property market announced in late September. A further market recovery can be expected, with companies showing improving earnings and those benefiting from a recovery in domestic demand offering more opportunities to investors, he added.

    Analysts from Huafu Securities also warned investors of the possibility of adjustments and fluctuations in the A-share market after it experienced a drastic increase. But the recent bull run is far from its end. The overall rise will last longer, they said.

    MIL OSI China News

  • MIL-OSI China: Home sales up in holiday period

    Source: China State Council Information Office 3

    This file photo shows a renovated residential building in a community in Yanta District of Xi’an, northwest China’s Shaanxi Province. [Photo/Xinhua]

    Home sales and inquiries by potential buyers rose considerably in benchmark cities including Beijing and Shanghai during the just-concluded National Day holiday, thanks to a number of optimization measures rolled out by the central government and first-tier cities, industry experts said on Tuesday.

    This is playing a positive role in digesting the housing policies and shoring up market sentiment, they added.

    After announcing policies to free up restrictions on home purchases ahead of the weeklong holiday, China’s top-tier cities saw a market recovery during the holiday period, despite it being a conventional low season for home transactions, the experts said.

    Some 59,000 square meters of new home space were traded across Shanghai in the first six days of October, doubling from that of last year’s 29,000 sq m, said Lu Wenxi, a market analyst with Centaline Shanghai.

    In the pre-owned homes market, 2,133 units of existing residential properties changed hands during the weeklong holiday, more than twice the 1,064 units registered during the same period last year, Lu said.

    According to Lu, the market recovery followed a batch of favorable local policies effective on the first day of October, such as the lowering of a threshold for non-local buyers, reduction in down payments for both first-time and second home purchases, and expanding VAT exemptions during home trading.

    “There is an evident warm-up in market confidence as we see some 20 percent rise in business inquiries and visits,” said Ye Yongxiang, an agent with Sinyi Realty in Shanghai’s Xuhui district.

    Ye said it has been an extremely busy holiday season for himself as well as his colleagues, a sharp contrast from the same period during the past two years.

    “Being in the business for nearly a decade, I can really feel the vibes of the market on the rise,” Ye said.

    Beijing saw new home transaction volumes surge 730 percent during the first six days of the month from the same period last year, and its existing home market also experienced a gradual growth since the latter half of the holiday, with trade volumes rising 58 percent compared to last year, according to a report on the official website of Beijing Youth Daily.

    Guangzhou, the capital of South China’s Guangdong province, saw more than 3,000 units of new homes traded at real estate brokerage platform Beike as of 2 pm Monday, more than tripling from that of last year, the local Guangzhou Daily reported.

    The rising market demand could be seen in a broader scale in the secondary home market of major cities.

    As many as 384 units of pre-owned homes were sold daily in six key cities, soaring 117.6 percent year-on-year, according to Linping Real Estate Data Research Institute.

    “The market confidence index has been on an upward trend three weeks in a row, according to the weekly data collected in 50 cities, indicating that the supportive measures introduced one after another have boosted market confidence,” said Wang Xiaoqiang, chief analyst at the institute.

    “The encouraging messages delivered by both local and central governments will certainly help stabilize the property market and improve market confidence,” Wang added.

    MIL OSI China News

  • MIL-OSI China: Shanghai gets ready for 7th CIIE

    Source: China State Council Information Office 3

    An attendee takes photos of a billboard during a pre-expo supply-demand matchmaking meeting for the Intelligent Industry & Information Technology Exhibition Area and Automobile Exhibition Area of the 7th China International Import Expo (CIIE) at the National Exhibition and Convention Center (Shanghai) in east China’s Shanghai, Aug. 8, 2024. [Photo/Xinhua]

    With less than 30 days left before the seventh China International Import Expo, due preparations are in place while multinational companies from around the world are looking forward to the annual expo to showcase their new products and technologies.

    During a meeting held by the executive committee of the 7th CIIE on Monday, Wang Wentao, minister of Commerce, said that efforts should be made help companies expand the impact of the show. The exhibition should also help to nurture new-quality productive forces and serve the country’s high-quality development, he said.

    By aligning with the world’s highest standards and best levels, Shanghai has stepped up its preparation for the 7th CIIE by addressing new issues and optimizing services in all aspects, Shanghai Mayor Gong Zheng said at the Monday meeting.

    Various steps have been taken to further facilitate the entry and exit of people and exhibits.

    Shanghai has launched measures such as renewing valid visas for multiple entries and residence permits for this year’s CIIE.

    Customs clearance instructions and supportive measures have been released. The market supervision department continues to implement supportive policies such as exemption from China Compulsory Certification and temporary licenses for special food exhibitors.

    More convenient payment methods have been introduced. Dazhong Transportation (Group) Co Ltd, a taxi-hailing service provider in Shanghai, will complete the installation of 2,000 POS machines accepting foreign bank cards before the CIIE. All restaurants and catering service providers in the exhibition hall have installed POS machines accessible to foreign bank cards.

    Sustainability is another highlight of this year’s CIIE. The green construction rate and material recycling rate of the exhibition will achieve 100 percent. Up to 10 million kWh of green power will be used at the show.

    The 7th CIIE will be held in Shanghai from November 5 to 10. According to the exhibition’s organizer CIIE bureau, companies have signed up for over 360,000 square meters of exhibition area. More than 70 countries and international organizations will be present at the country exhibition area, overtaking last year’s scale. Norway, Slovakia, Benin, Burundi and Madagascar will participate in the country exhibition for the first time.

    The first inbound exhibit for this year’s show, the three-wheeled concept car made by Japanese manufacturer Yamaha Motor, arrived in Shanghai in September. It will make its debut to the Chinese market via this year’s CIIE.

    It is the seventh year in a row for French beauty giant L’Oreal at the CIIE. This year also marks the fifth consecutive time for the company to work as the chairman of the exhibition’s enterprise alliance.

    “It is both a testimonial of our belief in China and the fact that we want to continue to invest in China,” said Nicolas Hieronimus, CEO of L’Oreal.

    As Hieronimus further explained, the CIIE is the “only event like this in the world” in which L’Oreal is so involved by introducing new brands, demonstrating the latest innovation results and showcasing technology breakthroughs.

    MIL OSI China News

  • MIL-OSI China: National Day holiday sees surge in online payments

    Source: China State Council Information Office 3

    An Indian passenger (L) asks about Weixin Pay, one of China’s major mobile payment platforms, at Terminal 2 of Guangzhou Baiyun International Airport in Guangzhou, south China’s Guangdong Province, April 3, 2024. [Photo/Xinhua]

    China’s just-concluded National Day holiday has seen strong consumption momentum, as indicated by a surge in the number of transactions made via Weixin Pay, a major e-payment method in China.

    Over the week-long holiday ending on Monday, the total number of online and offline transactions going through Weixin Pay increased by 20 percent year on year, said a report released by WeChat, an all-in-one social media app operated by Tencent.

    According to the report, cross-border transactions using the service during the period surged by 68 percent compared to last year, suggesting high demand for overseas travel. Hong Kong Special Administrative Region (SAR), Macao SAR, Thailand, the Republic of Korea, Singapore and Japan are among the most popular overseas destinations based on the transaction figures.

    Meanwhile, Hong Kong residents were also active shoppers on the Chinese mainland during the holiday, with both the number and amount of transactions using WeChat Pay approximately doubling year on year, it said.

    A boom in tourism and consumption has characterized this year’s National Day holiday, during which 765 million domestic trips were made, marking a yearly increase of 5.9 percent, while domestic tourist spending climbed 6.3 percent to 700.8 billion yuan (about 99.11 billion U.S. dollars), according to the Ministry of Culture and Tourism.

    MIL OSI China News

  • MIL-OSI China: China requests WTO consultations over Türkiye’s EV tariffs

    Source: China State Council Information Office 3

    China filed a request on Tuesday for consultations with Türkiye at the World Trade Organization (WTO) over tariffs and licensing measures for imported electric vehicles and other vehicles from China, the Ministry of Commerce said.

    Türkiye announced the imposition of a 40 percent additional tariff on imported electric vehicles and other vehicles from China, in addition to setting import license restrictions.

    “This discriminatory action is a violation of WTO rules and a typical protectionist practice,” a spokesperson for the Chinese Ministry of Commerce said.

    “We urge Türkiye to abide by its relevant commitments at the WTO and immediately correct its wrong practices,” said the spokesperson, adding that China will take all measures available to safeguard the legitimate rights and interests of its industries.

    MIL OSI China News

  • MIL-OSI China: Hainan duty-free sales exceed $110M

    Source: China State Council Information Office 3

    This aerial photo taken on April 4, 2023 shows the Haikou International Duty-Free Shopping Complex in Haikou, south China’s Hainan Province. [Photo/Xinhua]

    Offshore duty-free shops on south China’s island province of Hainan generated 785 million yuan (about 111 million U.S. dollars) in sales during the recent National Day holiday, local customs said Tuesday.

    Hainan’s offshore duty-free shops received some 110,200 customers with per capita consumption of 7,124 yuan during this period, Haikou Customs confirmed.

    China released a master plan in June 2020 to build Hainan into a globally influential and high-level free-trade port by the middle of the century. During recent years, the island province has become an attractive shopping destination for domestic consumers.

    Following years of efforts to enhance the local tourism and shopping sector, Hainan now boasts 12 offshore duty-free shops.

    MIL OSI China News

  • MIL-OSI Asia-Pac: Audit Commission personnel attending 16th Assembly and 9th Symposium of Asian Organisation of Supreme Audit Institutions (with photos)

    Source: Hong Kong Government special administrative region

    Audit Commission personnel attending 16th Assembly and 9th Symposium of Asian Organisation of Supreme Audit Institutions (with photos)
    Audit Commission personnel attending 16th Assembly and 9th Symposium of Asian Organisation of Supreme Audit Institutions (with photos)
    ******************************************************************************************

         The Director of Audit, Professor Nelson Lam, attended the 16th Assembly and 9th Symposium of the Asian Organisation of Supreme Audit Institutions (ASOSAI) held from September 21 to 27 in New Delhi, India. At the invitation of the National Audit Office of the People’s Republic of China (CNAO), Professor Lam participated as a member of the People’s Republic of China Delegation, which was led by the Auditor General of CNAO and Secretary General of ASOSAI, Mr Hou Kai. The Assembly and Symposium were hosted by the Supreme Audit Institution of India and focused on “Digital Public Infrastructure and Gender Divide – Issues of Inclusion and Accessibility”. Mr Hou participated in the meetings and chaired some agenda items. The President of India, Mrs Droupadi Murmu, attended and spoke at the opening ceremony.      Attended by 201 delegates from 44 ASOSAI members and observers, the Assembly endorsed the work report of the ASOSAI Secretariat, made additions and amendments to the ASOSAI Regulations, and held discussions on issues related to the three newly established working groups on state-owned enterprise, information technology audit and data analytics, and regional and municipal audit. Also, members of the new term of the Governing Board and the Audit Committee of ASOSAI were elected. It was affirmed that the next Assembly will be held in Saudi Arabia.      Professor Lam, along with Senior Auditor Mr Alfred Wong, who also joined the meetings and activities, exchanged ideas and experiences with Mr Hou, the Commissioner of Audit of the Macao Special Administrative Region, Mr Ho Veng-on, and leaders of audit institutions of various Asian countries on the theme of the Assembly, as well as on the management and development of public sector auditing bodies. Professor Lam also shared on the current work and updates of Audit, and expressed his wish to have further exchanges with the participating audit institutions.             Professor Lam said that the ASOSAI Assembly and Symposium, which were held physically for the first time since the pandemic, brought together representatives from various audit institutions to engage in face-to-face exchanges that proved to be fruitful and beneficial. He thanked CNAO and Mr Hou for their support and care for Audit. With strong support from the motherland, auditors from Hong Kong have had the privilege to, as part of the national teams, connect with the world through taking part in worldwide audit forums and United Nations audit assignments. These forums and assignments have provided great opportunities for Hong Kong auditors to assimilate good audit practices from around the world and apply the acquired knowledge in their roles at work. Not only did these valuable experiences enhance professional development within Audit, but they also enabled Audit to tell good stories of China, Hong Kong, and auditing on international platforms.  

     
    Ends/Wednesday, October 9, 2024Issued at HKT 11:42

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI China: Steps taken to ensure food security

    Source: China State Council Information Office 2

    China has outlined detailed policy measures to underpin its “all-encompassing approach” to food and to build a diversified food supply system, which analysts said will contribute to ensuring food security and building up the country’s strength in agriculture.
    The guideline on speeding up the building of a diversified food supply system, issued by the General Office of the State Council in September, said the country will take measures to effectively promote the development of new food varieties, fields and technologies.
    Efforts will be made to expand food resources through multiple channels, boost sci-tech innovation to improve the quality and effectiveness of food development, and enhance the entire industrial chain, in particular the value chain of the food industry, according to the document.
    Both the report of the 20th National Congress of the Communist Party of China and the No 1 document of 2024 proposed an all-encompassing approach to food and the expansion of food resources, which analysts said indicates the strong emphasis China has put on the issue.
    “The adoption of an all-encompassing approach to food can not only better meet people’s growing diversified food consumption needs, but also constitute an inevitable choice to address food security challenges confronted by China,” said Tang Wei, an associate professor at Sichuan Agricultural University’s Law School.
    According to official data, last year China’s total meat production was 97.48 million metric tons, its milk production was 42.81 million tons, and poultry and egg production reached 35.63 million tons. Tang said these figures reflect changes in people’s diets and that there should be higher requirements for the diversity of food supply.
    The all-encompassing approach to food emphasizes moving beyond traditional staple crops to address food security, and instead expanding to a broader category that includes meat, eggs, dairy, fruits, vegetables, fish, mushrooms and bamboo shoots.
    Despite having only nine percent of the world’s arable land and six percent of its freshwater resources, China feeds nearly 20 percent of the global population.
    “In the context of increasing constraints on resources and the environment, embracing the approach will help ensure food security and sustainable development,” Tang said.
    The document issued last month called on expanding from arable land resources to encompass the entire territory’s resources under the premise of protecting the ecological environment, encouraging exploring new food resources from natural resources, including forests, grasslands, rivers, lakes, seas and facility-based agriculture.
    “Expanding the spatial scope of agricultural production and diversifying supply channels can reduce the pressure on arable land, further consolidating the foundation of food security,” Tang added.
    Zheng Fengtian, a professor at the School of Agricultural Economics and Rural Development at Renmin University of China, underscored the necessity to fully tap resources in accordance with local conditions and highlighted the importance of substantial investment in scientific and technological innovation in boosting agricultural modernization.
    He gave the example that the vast majority of western China, which may not be suitable for large-scale farming, is endowed with abundant forest resources. The region can support the development of the understory economy and the cultivation of various cash crops, he said.
    The understory economy refers to the development of industries under the forest canopy such as animal husbandry and planting suitable crops.
    Official data shows that beyond arable land, China has over 267 million hectares of forest, a similar amount of grassland, and abundant rivers, lakes and seas.
    More importance should be attached to these resources, and research and development into corresponding varieties and technologies to foster diversified food supply channels, Zheng said.
    Expanding agricultural production space does not mean unlimited extraction, rather, it is about the reasonable use of natural resources, he added.
    Zheng warned that the sources of China’s grain imports and transportation capacity of import channels are relatively concentrated, making the country susceptible to geopolitical and shipping risks.
    Adopting an all-encompassing approach to food could enhance the resilience of China’s food supply chains, allowing it to actively respond to external instability and uncertainty, he said.
    “If China can achieve significant agricultural technological breakthroughs, it will not only facilitate addressing its food security but also set an example for other developing countries,” Zheng said, calling for shoring up innovation in areas including breeding technology and strengthening the leading role of enterprises.
    Sheikh Ahaduzzaman, a representative for China at the United Nations Food and Agriculture Organization, said at an event held last year he expects China’s food industry to become more powerful, upgraded, innovative and sustainable. “This will not only benefit the Chinese people, but also make a significant contribution to the positive progress of the 2030 Agenda for Sustainable Development,” he said.
    According to the State Council’s September document, China will accelerate breeding innovation to cultivate high-yield, high-quality and stress-resistant new varieties, and encourage enterprises to collaborate with universities and research institutes in a bid to develop and promote new technologies and equipment.
    Sun Shujing, a senior agriculture researcher at Fujian Agriculture and Forestry University, highlighted the significant roles of scientific and technological innovation in nurturing competitiveness in agricultural products and industries.
    Sun has previously researched white fungus, with the aim of improving production technologies and increasing yields. “Influenced by the all-encompassing approach to food, research priorities will be given to innovation across the entire industry chain to promote the healthy development of the industry,” she said.
    The document specifically mentions developing and expanding the edible mushroom industry, and creating edible mushroom products, which Sun said will strengthen researchers’ confidence in engaging in the industry and motivate them to meet the significant national demand for the product.
    Zhong Yu, a researcher at the Institute of Agricultural Economics and Development of the Chinese Academy of Agricultural Sciences, said efforts should be made to achieve a virtuous cycle of mutual adaptation between demand and production to promote the high-quality development of agriculture and better meet the people’s aspiration for a better life.
    “We should accelerate the establishment of a comprehensive food safety standard and inspection system, proactively align domestic standards with international standards, and expedite the construction of a traceability system for the entire agricultural product supply chain to effectively reduce food safety risks,” he said.
    Zhong underscored the need to match supply with demand, saying technologies such as big data should be fully leveraged to understand what consumers want in a timely manner so that production can be adjusted effectively.
    As the all-encompassing approach to food emphasizes nutritious and healthy consumption, he said China should keep improving its system for nutritional health standards while continuing to promote food saving and reducing food waste.

    MIL OSI China News

  • MIL-OSI: OCI Holdings Accelerates Its Presence in Malaysia: Implementing a Targeted Localisation Strategy, including Sponsorship of Sports and Cultural events

    Source: GlobeNewswire (MIL-OSI)

    SEOUL, KOREA, Oct. 09, 2024 (GLOBE NEWSWIRE) — OCI Holdings just announced on October 7 that it has made significant strides in strengthening its relationships with key figures and local residents in Sarawak, Malaysia, the production hub for its solar PV polysilicon.

    • To develop stronger relationships with key figures and local residents in Malaysia, a running event and badminton class were held in late September.
    • Announcing a new slogan ‘Envisioning a healthier future through life science and clean energy’
    • Online and offline training on Malay language and culture were provided for Korean employees in Seoul in late August.

    OCI Holdings plans to enhance its ties with the local community and conduct environmental, social, governance (ESG) activities in Malaysia to support its subsidiary OCI M. These initiatives aim to navigate the challenges posed by global economic uncertainties in the second half of this year, including the potential impact of the U.S. presidential election and U.S. tariffs on China, as well as a potential temporary slowdown in demand in the solar PV industry.

    Fostering stronger relationships with localresidents, led by sports star Lee Yong-dae

    OCI Holdings hosted a one-day badminton class at the Universiti Putra Malaysia (UPM) Bintulu Campus on September 29. The purpose of the event was to nurture young sports talents and promote health among local residents and featured Korean badminton legend Lee Yong-dae from the Leeyongdae Badminton Foundation.

    In the morning, Lee provided one-point lessons to 30 young players recommended by the Bintulu Badminton Association. He focused on various game situations and fundamental techniques, including the serve, smash, forehand step-in, and backhand return. In the afternoon, he engaged in friendly matches with badminton club members and local residents.

    The popular badminton legend drew a crowd of more than 300 spectators who filled the gymnasium with excitement. His star power rivals that of top idols with his widespread appeal.

    Given the widespread popularity of badminton in Malaysia, Indonesia, Thailand, and India, OCI Holdings partnered with Lee in consideration of his influence and expertise.

    Lee Yong-dae, a leading badminton star from Korea who won gold in mixed doubles at the 2008 Beijing Olympics and bronze in men’s doubles at the 2012 London Olympics, was an active player in Indonesia near Sarawak in 2015.

    On September 27, Lee met with young players from Persatuan Badminton Bumiputra Sarawak (PBBS) comprised of ethnic Malays, and provided one-on-one coaching to support their aspirations.

    Joint eco-friendly running event organized with key Sarawak organizations

    OCI Holdings co-hosted the Kuching Green Run 2024 in Kuching, Sarawak, Malaysia on September 28.

    The Kuching Green Run 2024, an inaugural eco-friendly cultural event held to raise community awareness of sustainable renewable energy and climate protection, was organized by the local social enterprise Green Generation in collaboration with OCI Holdings, Dewan Bandaraya Kuching Utara (DBKU), and Sarawak Economic Development Corporation (SEDC).

    Several local companies, including the Malaysian national petroleum company PETONAS and China Communications Construction Company, participated as sponsors.

    The opening ceremony was attended by OCI Holdings Chairman Woo Hyun Lee, OCI M President Seong Gil Choi, and more than 20 key figures from Sarawak, including Sarawak Economic Development Corporation (SEDC) Chairman Tan Sri Datuk Amar Abdul Aziz Husain and State Deputy Minister of Tourism, Creative Industry and Performing Arts of Sarawak Datuk Sebastian Ting Yew.

    Despite the hot and humid weather, Chairman Lee, who had traveled from Seoul for the event, visited every area of the venue, encouraging participants along the way.

    He remarked, “It is meaningful for us to promote a healthy lifestyle with sports and engage with the local community. In line with our motto, ‘Envisioning a healthier future through life science and clean energy,’ OCI M, as a prominent company in Sarawak, will actively participate in various ESG initiatives including cultural events and scholarship programs.”

    On September 30, OCI M donated an ultrasound machine, valued at tens of millions of won, to Sarawak General Hospital in partnership with Sarawak Badan Amal Tenaga Isteri-Isteri (SABATI), a nonprofit charity organization led by the spouses of prominent figures in Sarawak, contributing to healthcare and well-being in the local community.

    In Korea, staff are learning the Malaysian greeting “Salam.”

    OCI Holdings organized a special lecture on Malaysian culture and history for its employees at the headquarters in Jung-gu, Seoul, in late August.

    Professors Ummi Hani Binti Abu Hassan and Kim Dong-hun from the Department of Malay-Indonesian Studies at Hankook University of Foreign Studies conducted the lecture to 100 employees.

    The lecture encompassed Malaysia’s history, its multicultural nature, and business etiquette with sessions streamed online for employees of domestic and international subsidiaries.

    Professor Ummi, a Malaysian, demonstrated the Muslim greeting “salam,” which involves raising the right hand to the left breast and lowering one’s head. Employees followed her example and learned the meaning behind the gesture: “I greet you with my heart.”

    Despite being a predominantly Muslim country, Malaysia is a multicultural state composed of various ethnic groups including Malays (57.9%), Chinese (22.6%), and Indians (6.6%). With this lecture, employees gained valuable insights into these cultural differences. For instance, only Malaysian Muslims have the word “Islam” on their identification cards.

    Yong-sun Cho, team manager of the Strategy Team I of OCI Holdings, who participated in the lecture, said, “It was a valuable opportunity to gain knowledge about Malaysia’s history and cultural nuances that I was previously unaware of. Thanks to the Malaysian lessons I have attended, I can now communicate more effectively with local Malaysians.”

    OCI Holdings has also offered a three-month basic Malaysian conversation course to employees at the team manager level and above starting in June.

    Media Contact

    Brand: OCI Holdings Company Ltd.

    Contact: +82-10-5591-8126

    Email: yunhs@ocihc.co.kr

    Website: https://www.oci-holdings.co.kr/en

    SOURCE: OCI Holdings Company Ltd.

    The MIL Network

  • MIL-OSI China: DPRK to cut off roads, railways connected to S. Korea

    Source: China State Council Information Office 3

    The Democratic People’s Republic of Korea (DPRK) said Wednesday that it will completely cut off roads and railways connected to South Korea beginning Wednesday, reported DPRK’s official Korean Central News Agency (KCNA).

    MIL OSI China News

  • MIL-OSI China: Chinese government working to ensure stable energy supply in winter

    Source: People’s Republic of China – State Council News

    The Chinese government is working to ensure a steady supply of electricity, gas and heating for winter. As of the end of August, the national installed power generating capacity totaled 3,130 gigawatts. Renewable sources, such as hydropower, wind and solar, make up over half of this capacity.

    MIL OSI China News

  • MIL-OSI Security: COMLOG WESTPAC Holds Award Ceremony, October 3, 2024 [Image 4 of 4]

    Source: United States Navy (Logistics Group Western Pacific)

    Issued by: on


    SINGAPORE (October 3, 2024) Rear Adm. Todd Cimicata, Commander, Logistics Group Western Pacific/Task Force 73 (COMLOG WESTPAC), left, presents a Flag Letter of Commendation (FLOC) to Yeoman 2nd Class Jasilynn Lopez, temporarily assigned to COMLOG WESTPAC, during an awards ceremony on Sembawang Naval Installation (SNI), Oct. 3, 2024. COMLOG WESTPAC supports deployed surface units and aircraft carriers, along with regional Allies and partners, to facilitate patrols in the South China Sea, participation in naval exercises and responses to natural disasters. (U.S. Navy photo by Mass Communication Specialist 2nd Class Moises Sandoval/Released)

    Date Taken: 10.02.2024
    Date Posted: 10.09.2024 02:07
    Photo ID: 8686908
    VIRIN: 241003-N-ED646-1181
    Resolution: 8256×5504
    Size: 8.4 MB
    Location: SG

    Web Views: 1
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  • MIL-OSI Security: COMLOG WESTPAC Holds Award Ceremony, October 3, 2024 [Image 1 of 4]

    Source: United States Navy (Logistics Group Western Pacific)

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    SINGAPORE (October 3, 2024) Rear Adm. Todd Cimicata, Commander, Logistics Group Western Pacific/Task Force 73 (COMLOG WESTPAC), left, presents the award of the Military Outstanding Volunteer Service Medal to Yeoman 1st Class Jamal Thompson, assigned to COMLOG WESTPAC, during an awards ceremony on Sembawang Naval Installation (SNI), Oct. 3, 2024. COMLOG WESTPAC supports deployed surface units and aircraft carriers, along with regional Allies and partners, to facilitate patrols in the South China Sea, participation in naval exercises and responses to natural disasters. (U.S. Navy photo by Mass Communication Specialist 2nd Class Moises Sandoval/Released)

    Date Taken: 10.02.2024
    Date Posted: 10.09.2024 02:07
    Photo ID: 8686905
    VIRIN: 241003-N-ED646-1126
    Resolution: 7622×5081
    Size: 6.63 MB
    Location: SG

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