Li says China to Emerge as 'Mega-sized Consumption Powerhouse' - Wang Yi Meets EU Diplomats - PRC to Mark 80th Anniversary of 'Taiwan's Recovery'
Here are the key reports and articles that I found noteworthy from the People’s Daily’s edition on Thursday, June 26, 2025.
Page 1: Let’s begin with Li Qiang’s remarks (Full English text) at the 16th Annual Meeting of the New Champions, also known as the Summer Davos, in Tianjin.
First, Li outlined four factors shaping the global economic and trading order.
“First, the economic and trade system is becoming more diverse, and the Global South is rapidly gaining strength. While trade is weakening in developed economies, Global South countries, which account for 70 percent of the global population, are emerging as a vibrant market. Since 2000, developing countries have seen their trade in goods grow by 4.6 times, much faster than that of developed economies, and their share of global trade has increased from 30 percent to 45 percent. As such, developing countries have increasingly become the main growth drivers of global trade.
Second, trade is slowing down in traditional sectors, but growing in emerging sectors. The road to trade recovery has not been smooth over the past years and international trade structure is also going through adjustments. In 2024, global trade in goods grew by a mere two percent, while trade in services expanded by 8.8 percent and contributed to 60 percent of total increase in global trade. The rapid advancement of technology has pushed the frontiers of trade, leading to robust growth in digital trade and green trade. By 2024, the global export of digital services had doubled in the past 10 years.
Third, global mechanisms are facing challenges, and regional collaboration is growing. We have seen substantial increase in protectionist measures and growing economic and trade frictions across the world. Data shows that in 2024, there were over 1,200 discriminatory trade barriers globally, far higher than the average of 200-plus per year before the pandemic. Many countries are forced to explore new ways to trade, resulting in the continuous increase of bilateral and minilateral economic and trade arrangements. The number of regional trade agreements signed among countries has grown from less than 100 at the beginning of this century to over 600 today. The pros and cons of this are worth pondering.
Fourth, cross-border investment is fluctuating and declining, and the risk of fragmentation in industrial and supply chains is on the rise. The growing number of restrictive policies on foreign investment worldwide, compounded by trade tensions, has prompted multinational corporations to be more prudent in investment decision-making. Global cross-border investment has seen negative growth for three consecutive years, down by around 40 percent in 2024 from the historical peak. Some countries have interfered with market activities in the name of de-risking, forcing adjustments in the international division of labor. The trends of friendshoring, nearshoring and onshoring in industrial and supply chains are strengthening, leading to more redundant construction and reduced efficiency of the economy.”
“The world economy of tomorrow will not be a simple repetition of stories of the past. That said, no one can alter the overriding trend of history or the law of the objective world. Economic globalization will not be reversed. More likely, it will carve out a new path, forge ahead amid twists and turns, and achieve an upward spiral.”
He then made three more points:
First, resolve differences and disagreements through equal consultation. In this context, he said that: “This year, China and 32 other countries jointly established the International Organization for Mediation in Hong Kong, which is a new initiative that seeks to use the wisdom of the East in resolving international disputes. China is ready to make persistent efforts with all countries to build maximum consensus and cement the foundation of the trust that underpins international economic and trade cooperation.”
Second, “the global economy is deeply integrated. We all have a stake in each other’s success. No country can grow and prosper in isolation from the world. Hence, cooperation is a must if we want to achieve development, and to safeguard the common interests of all is to safeguard the interests of one’s own… China will continue to actively participate in APEC, SCO, BRICS, G20 and other multilateral cooperation, advance high-quality Belt and Road cooperation, and increase input in areas such as global connectivity and sustainable development to better promote common prosperity.”
Third, “when international economy and trade is facing headwinds, what we need to do is not resorting to the law of the jungle where the strong prey on the weak, but enabling each other’s success through win-win cooperation. China has achieved great successes by committing itself to opening up; and going forward, China will open its door still wider to the world. We will further integrate and connect with the global market, step up industrial collaboration with other countries, and actively share the fruits of our development to deliver greater benefits to the world.”
Finally, Li argued that through its own development, China will continue to contribute to the global economy. He made three points in this regard.
First, “a closer look would show that China’s economic development is not a short-term expansion but a steady progression toward long-term goals. China has clear development goals, consistent planning and guidance, resolute reform measures and pragmatic macro policies. We have implemented 14 Five-Year Plans in the past 70-plus years, and we will formulate the 15th Five-Year Plan this year. Our blueprint, once drawn, will be seen through to the end.”
Second, the “expansion and upgrade of the Chinese market will create more room for global economy and trade to grow and regain momentum. China is the world’s second largest consumer market and importer, with nearly RMB50 trillion yuan of consumption, over RMB50 trillion yuan of investment and over RMB20 trillion yuan of imports, not to mention huge growth potential in many areas. We are on track to become a high-income country in an all-round way, supported by robust demand for consumption upgrade both in traditional areas such as clothing, food, housing and transport, and in emerging areas such as smart terminal and cultural IP. We are intensifying our efforts to implement the strategy of expanding domestic demand by launching special initiatives to boost consumption. This will make China a mega-sized consumption powerhouse on top of being a manufacturing powerhouse. All these will provide more market space for enterprises around the world. (Note: While you read this, also note how China’s year-on-year imports for January to May have declined 4.9%.)
Third, “China’s continuous breakthroughs and leap in innovation will provide much-needed driving force for global development…China’s innovation is open and open-source. We are willing to share indigenous technologies and innovation scenarios with the world, and support international collaboration in research, development, application and popularization, in order to advance innovation-driven development in all countries through openness and cooperation.”
Next, there’s a report (English report) on Xi Jinping and Mozambican President Daniel Chapo exchanging congratulations on the 50th anniversary of diplomatic ties.
Third, there’s a report on Zhao Leji’s remarks at a symposium where he exchanged views with non-voting deputy attendees of the 16th session of the 14th NPC Standing Committee. The report informs that the deputies made speeches and put forward opinions and suggestions on the in-depth study and implementation of Xi Jinping’s Economic Thought and the deliberation of the State Council’s report on the development of new productive forces.
Zhao then said that “developing new quality productive forces is a major strategic deployment made by the Party Central Committee with Comrade Xi Jinping as the core. This has further enriched Xi Jinping’s Economic Thought and is of great significance for promoting high-quality development and advancing Chinese-style modernisation. He hoped that NPC deputies would be based on their posts and work realities, actively innovate and dedicate themselves, and, on the basis of in-depth investigation and research, put forward more targeted, insightful proposals and suggestions to support the development of new quality productive forces.” 他说，发展新质生产力是以习近平同志为核心的党中央作出的重大战略部署，进一步丰富了习近平经济思想，对于推动高质量发展、推进中国式现代化具有重大意义。希望人大代表立足本职岗位和工作实际，积极创新奉献，在深入调研的基础上多提有针对性、有见地的议案建议，助力新质生产力发展.
Zhao Leji pointed out that the newly revised Law on Deputies clearly stipulates that deputies should ‘strengthen ideological and work-style construction, consciously accept supervision, and consciously maintain the image of deputies’. NPC deputies must always maintain close ties with the people, firmly establish the people’s position, practice whole-process people’s democracy, improve their ability to carry out mass work, deepen their feelings for the people, leverage the characteristics and advantages of coming from the people and being rooted in the people, remain closely connected to the masses through various means in light of the actual situation, carefully listen to and reflect the social conditions and public opinion, take the lead in publicising and implementing the major policies and guidelines of the Party Central Committee, the Constitution and laws, and the national work arrangements, and serve well as the bridge linking the Party and the state with the people. 赵乐际指出，新修改的代表法明确规定代表应当“加强思想作风建设，自觉接受监督，自觉维护代表形象”。人大代表要始终保持同人民群众的密切联系，牢固树立人民立场，践行全过程人民民主，提高做群众工作的本领，增进同人民群众的感情，发挥来自人民、扎根人民的特点优势，结合实际通过多种方式密切联系群众，认真听取和反映社情民意，带头宣传贯彻党中央大政方针、宪法法律和国家工作部署，当好党和国家联系人民群众的桥梁.
It is necessary to take investigation and research as a basic skill for fulfilling one’s duties, closely focus on the overall work of the Party and the country, combine it with the key tasks of the NPC’s work, consult the people for wisdom and for needs, focus on leveraging their professional strengths, and carry out more special investigations in the industries and fields they are familiar with, combine ‘investigation’ and ‘research’ well, carefully sort out, analyse, and study the actual situations at the grassroots and the voices and expectations of the people, summarise and refine patterns and experiences, propose pragmatic and feasible policy suggestions, and reflect public opinion and wisdom in relevant motions, suggestions, and deliberation speeches. 要把调查研究作为履职基本功，紧紧围绕党和国家工作大局，结合人大工作重点任务，问计于民、问需于民，注重发挥代表专业特长，结合各自熟悉的行业和领域多开展一些专项调研，把“调”与“研”结合好，认真梳理、分析、研究基层实际情况和群众呼声期盼，总结提炼规律和经验，提出务实可行的对策建议，把民意民智体现到相关议案建议和审议发言中.
He further stated: “It is necessary to uphold the good image of NPC deputies, take the lead in respecting the rule of law, promoting the spirit of the rule of law, setting an example in abiding by the Constitution and laws, strictly handling affairs in accordance with the law and procedures, taking the lead in practicing the core socialist values, consciously observing social ethics, being honest and self-disciplined, fair and upright, and consciously accepting supervision from the original electoral units and the people.” 要维护人大代表良好形象，带头尊崇法治，弘扬法治精神，模范遵守宪法和法律，严格依法按程序办事，带头践行社会主义核心价值观，自觉遵守社会公德，廉洁自律，公道正派，自觉接受原选举单位和人民群众监督.
Next, there’s a report on Wang Huning’s speech at the 12th meeting of the 14th CPPCC Standing Committee. Wang said that the CPPCC “should continuously focus on key issues of economic system reform, concentrate on the task deployments of constructing a high-level socialist market economy system, improving the institutional mechanisms for promoting high-quality economic development, improving the macroeconomic governance system, perfecting the institutional mechanisms for integrated urban-rural development, improving the institutional system for safeguarding and improving people’s livelihood, and perfecting the institutional mechanisms for high-level opening up to the outside world, conduct in-depth investigation and research, engage in deep consultation and advice-giving, serve economic system reform through high-quality performance of duties, and contribute ideas and efforts to the construction of Chinese-style modernisation.” 王沪宁表示，人民政协要持续围绕经济体制改革重点问题，聚焦构建高水平社会主义市场经济体制、健全推动经济高质量发展体制机制、健全宏观经济治理体系、完善城乡融合发展体制机制、健全保障和改善民生制度体系、完善高水平对外开放体制机制等任务部署，深入调查研究、深度协商建言，以高质量履职服务经济体制改革，为中国式现代化建设献计出力.
Page 2: There’s a report on Wang Yi’s meeting with diplomatic envoys to China from the European Union and its member states. Xinhua says:
Wang said that China and the EU as “the two major constructive forces in the world today should enhance mutual trust, handle differences properly, pool their strengths, and elevate the China-EU Comprehensive Strategic Partnership to a new level. Wang put forward a three-point proposal for the future development of China-EU relations. First, the two sides should uphold mutual respect, particularly by earnestly respecting each other's core interests and major concerns. Wang noted that achieving complete national reunification is the long-cherished aspiration and historic mission of the Chinese nation, and that China will never allow the Taiwan region to be separated from the motherland. China hopes the EU will continue to adhere firmly to the one-China principle and oppose separatist activities for ‘Taiwan independence’ in any form, he stressed. Second, the two sides should adhere to the established positioning of their partnership. Wang said that China and the EU are partners, not rivals, and certainly not enemies. There are no territorial disputes or geopolitical conflicts between China and the EU, let alone any fundamental clashes of interests, Wang said, noting that China hopes to work with the EU to make cooperation the prevailing trend of China-EU relations. Third, the two sides should adhere to multilateralism. China firmly upholds the international system with the United Nations (UN) at its core, the international order underpinned by international law, and the basic norms of international relations based on the purposes and principles of the UN Charter, Wang said, noting that China consistently stands for peace talks and rejects the use of force. The three global initiatives, the Belt and Road Initiative, and, particularly, the vision of building a community with a shared future for humanity—all of which were proposed by Chinese President Xi Jinping—have contributed China's wisdom and solutions to the international community. ‘China and the EU should follow the trend of the times, enhance understanding, build trust, achieve mutual success, and light up the world,’ Wang added.”
Next, there’s a report (English report) on Defense Minister Dong Jun holding individual meetings with his counterparts from Belarus, Iran, Pakistan, Kyrgyzstan and Russia in Qingdao. They are visiting for the SCO meeting. Dong’s message to them was:
“The once-in-a-century changes are accelerating their evolution; the counter-currents of unilateralism and protectionism are growing, hegemonic, high-handed, and bullying acts severely undermine the international order, making these practices the biggest sources of chaos and harm. All parties should strengthen cooperation and coordination under multilateral frameworks such as the United Nations and the SCO, unite more like-minded progressive forces, defend international fairness and justice, and maintain global strategic stability. The defense departments of the SCO member states should adhere to the original intention of the SCO, carry forward the ‘Shanghai Spirit’, gather the strength of the SCO, continue to deepen pragmatic cooperation, and take more powerful actions to jointly protect the peaceful development environment.” 董军对来华出席会议的各国国防部长表示欢迎。他说，百年变局加速演进，单边主义、保护主义逆流滋长，霸权霸道霸凌行径严重冲击国际秩序，成为最大的乱源祸源。各方要加强在联合国、上合组织等多边框架下的协作配合，团结更多志同道合的进步力量，捍卫国际公平正义，维护全球战略稳定。上合组织各成员国防务部门要坚守上合初心，弘扬“上海精神”，凝聚上合力量，持续深化务实合作，以更加有力的作为，共同守护好和平发展环境.
Next, there’s a report on He Lifeng’s visit to Hebei, where he called to “accelerate the construction of a unified national market, actively expand domestic demand and boost consumption, accelerate the construction of a new model of real estate development, develop new quality productivity according to local conditions, and better promote high-quality economic development.” 要深入学习贯彻习近平总书记重要指示精神，认真落实党中央、国务院决策部署，加快构建全国统一大市场，积极扩大内需提振消费，加快构建房地产发展新模式，因地制宜发展新质生产力，更好推动经济高质量发展.
He visited Handan and Xingtai. Here’s the points that the report makes:
He pointed out that since the beginning of this year, China’s economy has withstood pressure and maintained a positive momentum, and social confidence has continued to be boosted.
We must continuously promote the implementation and effectiveness of the trade-in policy for bulk durable consumer goods, powerfully and effectively stabilize market expectations. All relevant cities can proceed from the actual situation, aim to be more convenient for the people, and organically combine the old-for-new policy for consumer goods with urban renewal actions to better stimulate consumption potential.
We must continuously consolidate the stable situation of the real estate market, accelerate the construction of a new model for real estate development, and better satisfy the people’s new expectations for ‘good houses’.
We must increase efforts to promote foreign trade enterprises to stabilise volume and improve quality, and promote the integrated and combined development of domestic and foreign trade.
We must strictly implement the requirements of strong supervision and risk prevention, powerfully, orderly, and effectively prevent and resolve the risks of local small and medium-sized financial institutions.
We must focus on main business, continuously promote the innovative development of enterprises in high-end equipment manufacturing, intelligent photovoltaics, clean energy, new materials and other fields, and comprehensively address involution-style competition.
We must accelerate the transformation and upgrading of economic and technological development zones, focus on improving the specialised service capabilities for enterprises entering the zones, and develop new quality productive forces according to local conditions.
何立峰指出，今年以来，我国经济顶住压力保持向好态势，社会信心持续提振。要持续推动大宗耐用消费品以旧换新政策落地见效，有力有效稳定市场预期。各相关城市可从实际情况出发，以更加便民为目标，将消费品以旧换新与城市更新行动有机结合，更好激发消费潜力。要持续巩固房地产市场稳定态势，加快构建房地产发展新模式，更好满足人民群众对“好房子”的新期待。要加大力度促进外贸生产企业稳量提质，推动内外贸一体化结合发展。要严格落实强监管防风险要求，有力有序有效防范化解地方中小金融机构风险。要聚焦主业，持续推动高端装备制造、智能光伏、清洁能源、新材料等企业创新发展，并综合整治内卷式竞争。要加快经济技术开发区转型升级，着力提高对入区企业的专业化服务能力，因地制宜发展新质生产力.
Finally, He also met with Margarita Louis-Dreyfus, chairperson of the supervisory board of Louis Dreyfus Holding B.V., in Beijing. Xinhua says:
“China is committed to comprehensively promoting high-quality development and is accelerating the construction and development of a unified national market. The people's aspiration for a better life is constantly driving the development of the agriculture and food industry and releasing huge domestic demand potential, He said, adding that China is committed to creating a stable and open trade and business environment. ‘We welcome more foreign-funded enterprises, including Louis Dreyfus, to deepen practical cooperation with China and share development opportunities’, he said. Margarita Louis-Dreyfus said Louis Dreyfus would further explore the Chinese market, actively promote the country's diversification of sources of agricultural product imports, and contribute to maintaining the stable global agricultural supply chain.”
Page 11: There’s a report with information from the Taiwan Affairs Office on a new commemoration this year. Zhu Fenglian, spokesperson for the Taiwan Affairs Office of the State Council, said that “the recovery of Taiwan was an important achievement of the victory in the War of Resistance, a great victory forged through the continuous and bloody struggle of all the Chinese people, including compatriots in Taiwan, and is worthy of joint commemoration by compatriots on both sides of the Strait. The conference to commemorate the 80th anniversary of Taiwan’s recovery will be held around October 25.” 国务院台办发言人朱凤莲25日在例行新闻发布会上表示，台湾光复是抗战胜利的重要成果，是包括台湾同胞在内的全体中国人民前赴后继、浴血奋战铸就的伟大胜利，值得两岸同胞共同纪念。纪念台湾光复80周年大会将于10月25日前后举行.
Zhu said that “DPP authorities are continuously carrying out ‘Taiwan independence’ provocations, aggressively peddling the fallacy of ‘Taiwan independence’ secessionism, ignoring historical facts, whitewashing and beautifying Japanese colonial rule, betraying the nation. This is despicable. Learning from the past and looking to the future, I hope that the majority of Taiwan compatriots will join us in remembering the history of the War of Resistance, defending the victorious results of Taiwan’s recovery and return to the motherland, upholding national justice, resolutely opposing ‘Taiwan independence’ separatism and foreign interference, protecting the common home of the Chinese nation, jointly promoting the reunification of the motherland, and jointly realizing the great dream of national rejuvenation.” 朱凤莲答问时还表示，民进党当局不断进行谋“独”挑衅，大肆兜售“台独”分裂谬论，罔顾历史事实，粉饰美化日本殖民统治，背叛民族，令人不齿。鉴往知来，希望广大台湾同胞和我们一道，铭记抗战历史，捍卫台湾光复、回归祖国的胜利成果，坚守民族大义，坚决反对“台独”分裂和外来干涉，守护中华民族共同家园，共促祖国统一，共同实现民族复兴伟大梦想.
Zhu added that in order to further facilitate Taiwan compatriots’ travel to the mainland and to expand cross-Strait personnel exchanges and cooperation, upon consultation with the NDRC and the Exit and Entry Administration Bureau, the Ministry of Finance has decided that from July 1, 2025, to December 31, 2027, the document fee for applying for the Mainland Travel Permit for Taiwan Residents will be waived for ‘first-time applicants’. The specific policy will be implemented by the Exit and Entry Administration Bureau. 朱凤莲在当日发布会开始时发布消息，为进一步便利台湾同胞来往大陆，扩大两岸人员往来和交流合作，经财政部商国家发展改革委、出入境管理局，决定自2025年7月1日至2027年12月31日，免收台湾“首来族”申办台胞证证件费，具体政策将由出入境管理局组织实施.
Zhu also talked about the ‘Kuan Chang’ (Chen Chih-han) visit to the mainland. She said that DPP authorities and pro-DPP politicians have been manipulating anti-mainland sentiments, attempting to block the channels through which compatriots in the island of Taiwan can understand the true situation in the mainland, thereby misleading Taiwan society and the public’s perception of the mainland. ‘As more and more Taiwanese compatriots visit the mainland, share their experiences and witness the reality for themselves, the lies fabricated by the DPP authorities are being exposed one by one, and the “information bubble” they created is collapsing’.”