Here are the key reports and articles that I found noteworthy from the People’s Daily’s edition from Tuesday, October 28, 2025.
Page 1: There’s a report on Xi Jinping’s visit to the Palace Museum in Beijing. He attended an exhibition marking the 100th founding anniversary of the museum. This was Xi’s key message:
“The Palace Museum carries the cultural DNA of the Chinese nation and is an important symbol of Chinese civilisation. Protecting the Palace Museum well and giving full play to its role is a major national undertaking and the glorious mission of those who work for the Palace Museum. At this new starting point, the Palace Museum must carry forward its fine traditions, uphold the principle that cultural relics belong to the people and serve the people, strengthen the protection and restoration of cultural relics, work harder to protect, restore and make good use of the cultural relics, and make the Palace Museum an important base for patriotic education, as well as an important window through which the world can understand Chinese civilization and the Chinese nation.” 故宫博物院承载着中华民族的文化基因，是中华文明的一个重要标识。保护好故宫，发挥好故宫的作用，是国家的一件大事，是故宫人的光荣使命。新起点上，故宫博物院要发扬优良传统，坚持文物属于人民、服务人民，加强文物保护修复，提高文物活化利用水平，让故宫成为重要的爱国主义教育基地，成为世界读懂中华文明、读懂中华民族的重要窗口.
Cai Qi also attended the exhibition.
Another short report on the top of the page announces the publication of a new book, detailing and explaining important discourses on social security by Xi Jinping.
Next, there’s a report on Li Qiang’s attendance at the 20th East Asia Summit. Let me cover his full speech, which is published on Page 3 (English version). Li said that the Global Governance Initiative is “very relevant in today’s world, and is fully consistent with the EAS founding mission. China will work with all parties to ensure that this mission is observed, and take vigorous actions to promote the GGI to boost peace and development of our region.”
We should continuously build extensive consensus. Absent common understanding on some very basics, countries would hardly make good progress in their communication, consultations or business exchanges. History tells us that some common values that humanity has fostered over millennia, such as mutual respect, equality, fairness and justice, underpin both people-to-people and state-to-state interactions. To address the global transformation unseen in a century, we need to have a clearheaded and sensible judgment about the trajectory of the future. Among many others, the trend toward economic globalization and multipolarity is irreversible, and the world must not slip back to the law of the jungle where the strong prey on the weak. Only when we embrace these basic understandings that are consistent with the common values of humanity and the trend of history, can we make the right decision at this critical juncture and move ahead in the right direction.
We should focus on solving prominent issues. In recent years, protectionism of various forms has undermined international economic and trade cooperation and inflicted greater losses on developing countries. Our region is home to a large number of developing countries. Growing the economy and improving people’s lives is a priority for us, and overcoming the impact of protectionism and strengthening internal growth momentum is a pressing issue we face. This means we should more firmly uphold the free trade regime, create a high-standard regional free trade network, and vigorously and effectively advance regional integration. We should also do more together to improve people’s well-being and achieve inclusive development for all.
We should reform and improve the system of norms. The world today faces increasing chaos and turbulence, which has exerted a major impact on our region. An important cause of this is the erosion of the system of international norms. The more volatile the world becomes, the more imperative it is for us to uphold the authority of international law. We should all observe rules. In particular, we should jointly safeguard the U.N.-centered international system, support ASEAN centrality in the regional architecture, and promote cooperation in our region. At the same time, we should also actively promote reform and build a more just and equitable global governance system so as to better safeguard the interests of all.
The rest of Li’s engagements are covered on Page 3. I’ll get to them later.
Next, there’s a commentary on the spirit of the fourth plenum, focussing on the theme of establishing a new development pattern. I found this article to be really strong. The vision being articulated is extremely clear. The challenge lies in the efficacy of this vision and whether the measures that are being adopted go far enough in actually unleashing domestic consumption.
The article says that “accelerating the construction of a new development pattern is a major strategic decision made by the Party Central Committee with Comrade Xi Jinping at its core to coordinate development and security. It is a strategic arrangement for seizing the initiative of China’s development.” 加快构建新发展格局是以习近平同志为核心的党中央统筹发展和安全作出的重大战略决策，是把握我国发展主动权的战略性布局.
“The fourth plenum conducted an in-depth analysis of the profound and complex changes facing China’s development environment during the 15th FYP period and made systematic plans and strategic deployments for strengthening the domestic circulation and facilitating the smooth flow of domestic and international dual circulation. 党的二十届四中全会深入分析“十五五”时期我国发展环境面临的深刻复杂变化，对做强国内大循环、畅通国内国际双循环作出系统谋划和战略部署.
“At the beginning of 2020, the once-in-a-century pandemic caused partial disruptions in global industrial and supply chains, directly impacting China’s domestic economic circulation. During a local inspection, General Secretary Xi Jinping realised that ‘the conditions for large-scale inflows and outflows have already changed, and we must, in accordance with the new situation, put forward new ideas to guide development.’ From this arose the conception of the new development pattern of ‘dual circulation’. This crucial decision at a critical juncture deepened our Party’s understanding of the laws governing the transformation from an economic power to an economic powerhouse, clarified the path for my country’s economic modernisation, and guided the Chinese economy on its path to forging ahead with steady progress. 2020年初，世纪疫情冲击下全球产业链供应链发生局部断裂，直接影响到我国国内经济循环。习近平总书记在地方考察时意识到“大进大出的环境条件已经变化，必须根据新的形势提出引领发展的新思路”，由此酝酿了“双循环”的新发展格局。关键时刻的关键抉择，深化了我们党对由经济大国向经济强国转变的规律性认识，明确了我国经济现代化的路径选择，引领中国经济航船劈波斩浪、行稳致远.
“Looking back on the development process during the 14th FYP period, we can even more deeply appreciate the strategic foresight of the Party Central Committee in taking this preemptive move. Firmly holding the position as the world’s second-largest consumer market and first-largest online retail market, from 2021 to 2024 domestic demand’s average contribution rate to economic growth reached 86.4%; the scale of goods trade firmly holds first place globally, total imports and exports of goods increased from 32.2 trillion yuan in 2020 to 43.8 trillion yuan in 2024, with an average annual growth of 8.0%...Under severe and complex domestic and international circumstances, we accelerated the construction of a new development pattern, the main body position of the big domestic circulation was continuously consolidated, spatial layout was gradually optimised, the quality of the dual circulation between domestic and international markets steadily improved, China’s economic development foundation became more solid, security and stability were further enhanced, displaying powerful vitality, resilience, and potential.” 回望“十四五”时期的发展历程，更能深切感受到党中央走出这步先手棋的战略远见。稳居全球第二大消费市场、第一大网络零售市场，2021年至2024年内需对经济增长的平均贡献率达到86.4%；货物贸易规模稳居全球第一，货物进出口总额从2020年的32.2万亿元增加到2024年的43.8万亿元，年均增长8.0%……在严峻复杂的国内外环境下，我们加快构建新发展格局，国内大循环主体地位不断巩固、空间布局逐步优化，国内国际双循环质量稳步提升，我国经济发展根基更加坚实，安全性稳定性进一步增强，展现出强大的活力、韧性和潜力.
“Practice has fully demonstrated that the more severe and complex the external environment, the more we must accelerate the construction of a new development pattern and firmly grasp the initiative in development. At present, strategic opportunities and risks and challenges coexist, and uncertain and unpredictable factors have increased. This requires us to persist in strengthening the domestic circulation, accelerate the formation of a strong domestic economic circulation system, and use the stability of the domestic circulation to offset the uncertainty of the international circulation. The Fourth Plenum highlighted strengthening the domestic major circulation, made arrangements for building a strong domestic market and accelerating the construction of a high-level socialist market economy system, and at the same time proposed to expand international circulation, expand high-level opening to the outside world, and create a new situation of win–win cooperation. This is a strategic measure to firmly hold the initiative in development in our own hands and to further shape new advantages in international cooperation and competition.” 实践充分证明，外部环境越是严峻复杂，越要加快构建新发展格局，牢牢把握发展主动权。当前，战略机遇和风险挑战并存、不确定难预料因素增多，这要求我们坚持做强国内大循环，加快形成强大国内经济循环体系，以国内循环的稳定性对冲国际循环的不确定性。党的二十届四中全会突出做强国内大循环，对建设强大国内市场、加快构建高水平社会主义市场经济体制作出部署，同时提出拓展国际循环，扩大高水平对外开放，开创合作共赢新局面，这是把发展主动权牢牢掌握在自己手中、进一步塑造国际合作和竞争新优势的战略举措.
The economies of major countries are all driven by domestic demand. The market is the world’s most scarce resource today, and a strong domestic market is the strategic foundation for China’s modernisation. China boasts a well-developed industrial and infrastructure system, and a massive market of over 1.4 billion people holds enormous potential. Looking ahead, whether deepening the people-oriented new urbanisation drive, vigorously implementing urban renewal initiatives, or steadily advancing comprehensive rural revitalisation and steadily improving people’s livelihoods amidst development, these efforts will effectively promote a virtuous cycle of investment and consumption, unleashing the enormous potential of domestic demand.” 大国经济都是内需为主导，市场是当今世界最稀缺的资源，强大国内市场是中国式现代化的战略依托。我国产业体系和基础设施体系配套完善，14亿多人口的超大规模市场潜力巨大。面向未来，无论是深入推进以人为本的新型城镇化、大力实施城市更新行动，还是扎实推进乡村全面振兴、在发展中稳步提升民生保障水平，都将有力促进投资和消费良性循环，释放巨大内需潜力.
“The plenary session put forward the strategic foundation of adhering to the expansion of domestic demand, reflecting the continuity of implementing the strategy of expanding domestic demand. Adhering to the close combination of benefiting people’s livelihood and promoting consumption, investing in material things and investing in people, promoting the virtuous interaction between consumption and investment, supply and demand, aims at enhancing the endogenous power and reliability of the great domestic circulation. Deeply advancing the construction of a unified national market, unblocking all kinds of congestion and blockage points, breaking down local protectionism and market segmentation, and comprehensively rectifying ‘involution-style’ competition, aims to fully release the dividend of our country’s super-large-scale market. Accelerating the building of a high-level socialist market economy system, fully stimulating the vitality of various business entities, accelerating the improvement of the system and mechanism for market-based allocation of production factors, and realizing an effective and orderly market and a proactive yet properly bounded government, will surely further strengthen the driving force for high-quality development.” 全会提出坚持扩大内需这个战略基点，体现了实施扩大内需战略的连贯性。坚持惠民生和促消费、投资于物和投资于人紧密结合，促进消费和投资、供给和需求良性互动，旨在增强国内大循环内生动力和可靠性。纵深推进全国统一大市场建设，打通各种卡点堵点，破除地方保护和市场分割，综合整治“内卷式”竞争，旨在充分释放我国超大规模市场红利。加快构建高水平社会主义市场经济体制，充分激发各类经营主体活力，加快完善要素市场化配置体制机制，实现市场有效有序、政府有为有度，必将进一步增强高质量发展动力.
The plenary session made arrangements for expanding high-level opening to the outside world, demonstrating China’s confidence and determination to adhere to openness and cooperation and achieve mutual benefit and win–win results. In the first three quarters of this year, the import and export of goods trade in our country increased by 4% year-on-year, among which exports increased by 7.1% year-on-year, drawing an upward curve against the trend. Although the counter-currents of unilateralism and protectionism are surging, economic globalisation is an unstoppable historical trend. Unswervingly expanding high-level opening to the outside world, steadily expanding institutional opening, safeguarding the multilateral trading system, jointly building BRI with high quality, and promoting the efficient and smooth flow between the domestic market and the international market will certainly expand the development space for Chinese-style modernisation.” 全会对扩大高水平对外开放作出部署，展现了中国坚持开放合作、互利共赢的信心和决心。今年前三季度，我国货物贸易进出口同比增长4%，其中出口同比增长7.1%，绘出逆势上扬曲线。尽管单边主义、保护主义逆流涌动，但经济全球化是不可阻挡的历史潮流。坚定不移扩大高水平对外开放，稳步扩大制度型开放，维护多边贸易体制，高质量共建“一带一路”，促进国内市场和国际市场高效畅通，定能拓展中国式现代化发展空间.
Change contains opportunities, and challenges inspire fighting spirit. Looking back, we have encountered many external risks and shocks, yet in the end have always been able to overcome them, relying precisely on managing our own affairs well and placing the foothold of development within the domestic realm. Advancing with firm oars and steadfast action, under the strong leadership of the Party Central Committee with Comrade Xi Jinping at its core, by placing the development of the nation and the people on the foundation of our own strength, accelerating the building of a new development pattern, maintaining a broad vision embracing the world, and fighting proactive battles, the construction of Chinese-style modernisation will surely be able to cut through thorns and thistles and forge ahead unswervingly. 变局蕴含机遇，挑战激发斗志。回顾过往，我们遭遇过很多外部风险冲击，最终都能化险为夷，靠的就是办好自己的事、把发展立足点放在国内。奋楫笃行，在以习近平同志为核心的党中央坚强领导下，把国家和民族发展放在自己力量的基点上，加快构建新发展格局，坚持胸怀天下，打好主动仗，中国式现代化建设必能披荆斩棘、一往无前.
Next, there’s a report on Cai Qi leading a mobilisation meeting to propagate the spirit of the fourth plenum. The report says:
Cai “emphasised that studying and implementing the spirit of the Fourth Plenum is a major political task for the entire Party and the whole country at present and in the period to come. It is necessary to deeply study and comprehend the spirit of the plenary session, fully implement the requirements for propaganda and explanation work, complete the task of propaganda and explanation with high quality and high standards, and guide Party members, cadres, and the masses to profoundly understand the decisive significance of the two establishments, enhance the four consciousnesses, strengthen the four self-confidences, achieve the two safeguards, and earnestly unify thought and action with the decision-making arrangements of the Party Central Committee.” 他强调，学习好贯彻好党的二十届四中全会精神，是当前和今后一个时期全党全国的一项重大政治任务。要深入学习领会全会精神，全面落实宣讲工作要求，高质量高水平完成宣讲任务，引导广大党员、干部、群众深刻领悟“两个确立”的决定性意义，增强“四个意识”、坚定“四个自信”、做到“两个维护”，切实把思想和行动统一到党中央决策部署上来.
Cai Qi pointed out that the Fourth Plenum was a very important meeting held at a critical period when we are about to enter the stage of laying a solid foundation for basically realising socialist modernisation and making comprehensive efforts. The Proposal adopted at the plenary session made top-level design and strategic planning for development in the next five years. It is another general mobilisation and overall deployment taking advantage of momentum to advance upward and successively pushing forward Chinese-style modernisation construction, fully embodying the historical initiative of the Party Central Committee with Comrade Xi Jinping at its core in uniting and leading the entire Party and people of all ethnic groups across the country to continue writing new chapters of the two great miracles of rapid economic development and long-term social stability, and in striving to open up new horizons for the construction of Chinese-style modernisation. It will surely have major and far-reaching influence on the development of the undertakings of the Party and the country. 蔡奇指出，党的二十届四中全会是在即将进入基本实现社会主义现代化夯实基础、全面发力的关键时期召开的一次十分重要的会议，全会《建议》对未来五年发展作出顶层设计和战略擘画，是乘势而上、接续推进中国式现代化建设的又一次总动员、总部署，充分体现了以习近平同志为核心的党中央团结带领全党全国各族人民续写经济快速发展和社会长期稳定两大奇迹新篇章、奋力开创中国式现代化建设新局面的历史主动，必将对党和国家事业发展产生重大而深远的影响.
It is necessary to focus closely on the important speech delivered by General Secretary Xi Jinping at the plenary session and on the Proposal, clearly explain the major achievements of China’s development during the 14th FYP period, clearly explain the great significance of economic and social development during the 15th FYP period, clearly explain the Party Central Committee’s basic assessment of domestic and international situations, clearly explain the guiding ideology, major principles, main objectives, strategic tasks, major measures, and fundamental guarantees for economic and social development during the 15th FYP period, and clearly explain the key points that must be grasped in implementing the spirit of the plenary session. It is necessary to guide the broad masses of Party members, cadres, and the people to consciously implement various requirements into all aspects and the entire process of economic and social development during the 15th FYP period, and jointly promote the realisation of the grand blueprint. 要紧紧围绕习近平总书记在全会上的重要讲话和《建议》，讲清楚“十四五”时期我国发展取得的重大成就，讲清楚“十五五”时期经济社会发展的重大意义，讲清楚党中央关于国内外形势的基本判断，讲清楚“十五五”时期经济社会发展的指导思想、重大原则、主要目标、战略任务和重大举措、根本保证，讲清楚贯彻落实全会精神要着重把握的重点，引导广大党员、干部、群众自觉把各项要求贯彻落实到“十五五”时期经济社会发展各方面全过程，共同推动宏伟蓝图变为现实.
Cai Qi emphasised that it is necessary to fully understand the importance of the propaganda and explanation work, to grasp the correct political direction and tonal guidance of the propaganda, and to explain the spirit of the plenary session accurately, comprehensively, and thoroughly. It is necessary to link with actual circumstances and be close to the masses, give more precise interpretations, tell more vivid and lively examples and stories that touch the heart, use more plain and easy-to-understand language and concrete, detailed data, clearly explain the spirit of the Party Central Committee in a simple and profound way, enhance persuasiveness and appeal in responding to concerns, guide public opinion and expectations well, and effectively enhance the practical effectiveness of the propaganda and explanation. 蔡奇强调，要充分认识宣讲工作的重要性，把握宣讲正确政治方向和基调导向，把全会精神讲准确、讲全面、讲透彻。要联系实际、贴近群众，多作有针对性的阐释，多讲生动鲜活的事例、触动心灵的故事，多用通俗易懂的话语、具体翔实的数据，深入浅出讲好党中央精神，在回应关切中提升说服力、感召力，引导好舆论和预期，切实增强宣讲实效.
Another report on the page informs that the 18th session of the Standing Committee of the 14th NPC held a joint group meeting on the morning of the 27th to review the State Council’s special report on the management of state-owned assets of enterprises (excluding financial enterprises) in 2024 and conduct a special inquiry.
And there’s a report on Wang Huning chairing the 42nd Chairpersons’ Meeting of the 14th CPPCC NC.
Wang said that the CPPCC NC must take studying and implementing the spirit of the Fourth Plenum as a major political task, promptly set off a wave of studying and implementing the spirit of the plenary session, solidly ensure the study and learning of the broad CPPCC members and Party-member cadres within the CPPCC organs, and truly implement the spirit of the plenary session and the decision-making arrangements of the CPC Central Committee into all aspects of the CPPCC’s performance of its functions, so as to better unify thinking and understanding, actively offer suggestions and proposals, and stimulate the driving force for striving forward. It is necessary to carry out all the work of this year with high quality, focus on the central task of the Party and the country in planning next year’s work, carefully study and formulate the consultation plan, and organise and hold all consultation and deliberation meetings and activities well, so as to contribute ideas and efforts to the formulation and implementation of the 15th FYP and to the smooth start and advancement of all undertakings during the 15th FYP period. 全国政协要把学习好贯彻好中共二十届四中全会精神作为重大政治任务，迅速兴起学习贯彻全会精神的热潮，扎实抓好广大政协委员和政协机关党员干部学习教育，切实把全会精神和中共中央决策部署贯彻落实到政协全部履职工作中，更好统一思想认识、积极建言献策、激发奋进动力。要高质量做好今年各项工作，聚焦党和国家中心任务谋划明年工作，研究制定好协商计划，组织举办好各项协商议政会议活动，为制定实施“十五五”规划、推动“十五五”时期各项工作顺利开局起步献计出力.
Finally, Vice President Han Zheng will visit Kuwait and Saudi Arabia from October 28 to November 2.
Page 2: There’s a report (English report) informing that:
“China’s scientific expedition team for the Arctic manned deep-diving mission returned home on Monday, with the independently designed and built Tan Suo San Hao (Exploration No. 3), China’s first comprehensive scientific research ship designed for global deep-sea exploration, carried the Fendouzhe (Striver) submersible to complete 43 dives in the Arctic. The expedition was jointly organised and executed by the Ministry of Natural Resources and the Chinese Academy of Sciences. The Fendouzhe and Jiaolong manned submersibles conducted joint underwater operations, pioneering China’s first dual-submersible collaborative mission model, according to CCTV News.”
Another report informs that as per data from the China Machinery Industry Federation, in the first three quarters, the added value of the machinery industry above designated size increased by 8.7% year-on-year, 2.5 percentage points higher than the added value of national industry.
Among the key monitored products, 68% of products saw cumulative output increase year-on-year, and the output growth rates of automobiles, solar cells, and excavators all exceeded 10%.
In the first three quarters, the added value of the intelligent equipment manufacturing industry increased by 12.2% year-on-year, with double-digit growth in the output of CNC machine tools, industrial control systems, 3D printing equipment, and industrial robots. Among them, the output of industrial robots increased by 29.8% year-on-year, reaching 595,000 units in the first three quarters, exceeding the total output for the entire previous year.
Page 3: Although it is on Page 3, let me also cover Li’s remarks (English text) at the ASEAN+3 summit. Li said:
“Indeed, times are changing, and we East Asian countries have found ourselves in development stages very different from the past. Today we cannot possibly relive our success stories of yesterday, but by reviewing the past, we can find enlightenment and inspiration for the future. As we reflect deeply upon the reasons for East Asian miracles, I believe that one phrase would come to the minds of many: openness and cooperation. Over the past decades, the commitment to openness and cooperation has enabled us to transcend social system and other differences, and realize mutually complementary specialization and collaboration on the basis of our respective endowments and the law of economics. The commitment to openness and cooperation has enabled us to guard against attempts at turning economic and trade issues into political and security hurdles, manage and resolve differences through communication and dialogue, and minimize disruptions to economic development. The commitment to openness and cooperation has enabled us to steadily increase connectivity, fully unleash the vitality of the regional market, and create and share development opportunities together. It is fair to say that openness and cooperation is a valuable experience we gained and refined through hard work. It must be cherished and upheld continually as the distinctive strength and competitive edge of the East Asian economy. Looking ahead, the center of gravity of the world economy is shifting toward Asia, and the epicenter of the Asian economy is in East Asia. The East Asian miracles are not behind us, but ahead of us as an unfolding reality. China stands ready to work with all parties to seek greater synergy of development strategies, uphold openness and cooperation, take more concrete actions, and jointly renew the glory of East Asia’s development.”
Then Li made three points:
First, we should foster an environment conducive to regional development. The international landscape has been changing and fluid, and conflicts and confrontation keep flaring up. This has had severe impacts on global development. The peace and stability that East Asia enjoys has not come easily, and must be safeguarded with our utmost efforts. We should properly resolve differences through dialogue and negotiation, oppose external interference, and avoid creating tensions or conflicts. At the same time, we should jointly uphold free trade and the multilateral trading system, oppose all forms of protectionism, and further advance the process of regional economic integration.
Second, we should deepen collaboration on industrial and supply chains. Few regions in the world can match East Asia’s comprehensive strengths across the chains, spanning design and R&D, material processing, smart manufacturing, and all the way to market sales. What’s more, each economy is in a unique position within the chains, making our industries highly complementary and our interests neatly aligned. We should better leverage our respective strengths, further promote synergy and cooperation, and steadily improve the level of our specialization and collaboration, thereby making the flow of production factors more efficient. China welcomes the adoption of the Statement on Strengthening Regional Economic and Financial Cooperation, and stands ready to carry it out with all parties, and step up practical cooperation in finance, trade, food security and other areas, so as to create more cooperation highlights and growth engines, and foster greater development momentum for our region from within.
Third, we should jointly cultivate new drivers of development. Seizing opportunities from the latest round of technological revolution and industrial transformation—particularly in fields like AI, robotics, and biomedicine that are seeing an explosive surge of innovations—the 10+3 countries should intensify support for sci-tech innovation and collaborative research. We need to enhance our capacity for generating ‘zero-to-one’ breakthroughs and efficiently scaling them into ‘one-to-N’ successes, making innovation a powerful driver of our development. China will continue advancing cooperation with all parties in areas like the digital economy, electric vehicles, and clean energy, joining hands to seize opportunities for development.
This meeting ended with the adoption of a “Statement of the Leaders of ASEAN and China, Japan and South Korea on Strengthening Regional Economic and Financial Cooperation.”
Finally, at the RCEP leaders’ meeting, Li also offered three points.
First, we should build a larger regional market with a more open mind. The RCEP region accounts for approximately one-third of the world’s population, and its market structures are diverse and highly complementary. Unleashing our own market potential will greatly enhance our ability to withstand external risks. China is willing to work with all parties to uphold the principle of universal benefits and inclusiveness, strengthen market connectivity, and advance regional economic integration. We will also accelerate the process of membership expansion and support applicants such as Hong Kong, China, to join the RCEP, thereby continuously strengthening regional development momentum.
Second, we should take more proactive actions to promote the upgrading of the RCEP. At present, some bilateral and small multilateral free trade agreements in the region have been gradually upgraded. The review and upgrading of the RCEP should also be accelerated. China is willing to work with all parties to fully and high-quality implement the commitments of the agreement, actively align with international high-standard economic and trade rules, and explore greater breakthroughs in cooperation in areas such as market access, government procurement, digital development, green development, and industrial supply chains. This will help the RCEP move from being the ‘largest free trade zone’ to a ‘high-level free trade zone.’
Third, we must uphold the multilateral trading system with even greater resolve. Currently, the international economic and trade order is experiencing severe disruptions. Amidst rising headwinds, the RCEP must bravely forge ahead. China will always support ASEAN centrality and is willing to work with all parties to uphold true multilateralism and jointly safeguard the stability of the regional multilateral trading system. We should also support dialogue between the RCEP and other agreements, such as the European Union and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), to create more mutually beneficial development opportunities.
第一，以更加开放的胸怀打造区域大市场。《区域全面经济伙伴关系协定》地区人口占全球约1/3，并且市场结构多元、互补性强，把我们自身的市场潜力充分释放出来，就能大大增强抵御外部风险的底气。中方愿同各方坚持普惠包容理念，加强市场互联互通，推进区域经济一体化，同时加快扩员进程，支持中国香港等申请方加入《区域全面经济伙伴关系协定》，不断增强区域发展动力。第二，以更加积极的行动推动《区域全面经济伙伴关系协定》提质升级。目前区域内一些双边、小多边自贸协定已在陆续升级，《区域全面经济伙伴关系协定》审议升级也应当加快进程。中方愿同各方全面高质量履行协定承诺，积极对接国际高标准经贸规则，探讨在市场准入、政府采购、数字、绿色、产业链供应链等领域合作实现更大突破，推动《区域全面经济伙伴关系协定》从“最大的自贸区”走向“高水平自贸区”。第三，以更加坚定的决心维护多边贸易体制。当前，国际经贸秩序遭受严重破坏。逆流涌动之时，《区域全面经济伙伴关系协定》更要勇于破浪前行。中方将始终支持东盟中心地位，愿同各方一道坚持真正的多边主义，协力维护区域多边贸易体系的稳定。我们还应当支持《区域全面经济伙伴关系协定》与欧盟、《全面与进步跨太平洋伙伴关系协定》等开展对话，创造更多互利共赢的发展机遇.
Two points are worth highlighting from the joint statement issued by the RCEP leaders. First, they agreed to “advance the accession process of applicants into the RCEP Agreement while ensuring that the standards of the RCEP Agreement are maintained.” Second, they will “commence the preparation for the General Review of the RCEP Agreement, scheduled for 2027…”
Next, let me cover Li’s two bilateral meetings that are covered in the paper. Compare the two readouts and you will get a sense that ties with Europe are far more difficult today than the relationship with Australia.
First, Li met with European Council President Antonio Costa. Xinhua reports:
Li told Costa that “the current China-EU relationship faces both development opportunities and challenges, and both sides should stay on the right course in developing their relations, solidify the foundation of political mutual trust and further implement their consensus…He said China stands ready to work with the European Union (EU) to make the cooperation pie bigger, promote the optimized and balanced development of China-EU trade, further open up to each other, and create new growth points for cooperation in green and digital sectors, as well as areas including scientific and technological innovation, industrial and supply chains, to achieve high-level mutual benefit and win-win outcomes. He added that on the basis of equality and respect, China is willing to promote the resolution of issues in China-EU economic and trade cooperation through dialogue and consultation, as well as through mutual understanding and accommodation. Li voiced hope that the EU would provide a fair, equitable, and non-discriminatory business environment for Chinese enterprises operating in Europe, and that EU institutions would play a positive role in the development of China-EU relations.”
Second, Li met with Australian PM Anthony Albanese. Xinhua says:
Li “voiced China’s readiness to maintain strategic communication with Australia, expand mutually beneficial cooperation and keep working together to build a more mature, stable and productive China-Australia comprehensive strategic partnership. This will deliver more benefits to the two peoples and make greater contributions to peace, stability and development in the region and the world…Over the past months, bilateral ties have continued to show a positive trend, with steady progress in exchanges and cooperation across various fields, he said. China is willing to strengthen the alignment of development strategies and policy coordination with Australia, Li said, expressing China’s readiness to leverage the role of institutional dialogues, including the China-Australia Strategic Economic Dialogue and the joint economic commission, and to actively explore ways to advance the review and upgrading of the bilateral free trade agreement. These efforts, he said, will further deepen practical economic and trade cooperation and tap the potential for cooperation in such fields as green economy, high-tech industries and the digital sector. China will continue to support more competent Chinese enterprises in investing in Australia, Li said, voicing hope that Australia will provide an open, transparent and non-discriminatory environment for their investments and operations. The Chinese premier called on both sides to advance exchanges and cooperation in youth, education, tourism and other fields, and work together to nurture the friendly sentiments between the peoples. As the current global governance deficit is widening, Li said, China is willing to strengthen coordination with Australia in multilateral mechanisms such as the United Nations and the World Trade Organization to push for the continuous improvement of global governance.”
Page 4: I covered Wang Yi’s speech at the Lanting Forum yesterday. Apart from that speech, there’s a report today on Wang’s call with US Secretary of State Marco Rubio. The readout says:
“Wang Yi said that China-US relations have a bearing on the world, and a sound, stable and sustainable bilateral relationship serves the long-term interests of both countries and meets the common expectations of the international community. President Xi Jinping and President Trump are both world-class leaders. Their long-term interactions and mutual respect for each other, this has already become the most precious strategic asset of China-US relations. Earlier, China-US economic and trade ties have encountered new frictions. Through the Kuala Lumpur economic and trade talks, both sides clarified positions, enhanced understanding, and reached a framework consensus on addressing the current urgent economic and trade issues on an equal footing. This again proves that as long as both sides fully and thoroughly implement the important consensus reached by the two countries’ heads of state, uphold the spirit of equality, respect, and reciprocity, persist in resolving contradictions through dialogue, discard the practice of applying pressure at every turn, it is possible to push the two countries’ relationship to stabilise and move forward. It is hoped that both sides will move toward each other, make good preparations for high-level China-US interactions, and create conditions for the development of the two countries’ relationship.”
The State Department’s readout just says: “The two discussed the importance of the U.S.-China relationship and the upcoming meeting between President Trump and State Chairman Xi in Busan, Republic of Korea.”
Page 6: There’s a report informing that the Agricultural Development Bank has established and deployed the new type of policy-based financial instrument, completing the fund investment task of 150 billion yuan. This is expected to drive a total project investment exceeding 1.93 trillion yuan. 在国家发展改革委、财政部、中国人民银行、金融监管总局的指导支持下，农发行高效设立并精准投放农发新型政策性金融工具，目前已完成1500亿元基金投放任务，预计可拉动项目总投资超1.93万亿元.
The ADB’s type of policy-based financial instrument closely focuses on national strategies, with key support for the construction of major national projects, and actively supports key areas such as the digital economy, AI, and consumption. A total of 881 projects have been funded, with an amount of 150 billion yuan; cumulatively, 667 projects in 12 major economic provinces, including Zhejiang, Guangdong, and Jiangsu have been supported, with a total of 108.723 billion yuan; and 52 private investment projects in important industries and key areas have been strongly supported, with an amount of 15.533 billion yuan. 农发新型政策性金融工具紧盯国家战略，重点支持国家重大项目建设，积极支持数字经济、人工智能、消费等关键领域，投放项目881个、金额1500亿元；累计支持浙江、广东、江苏等12个经济大省项目667个、金额1087.23亿元；着力支持一批重要行业、重点领域民间投资项目52个、金额155.33亿元.
Page 10: There are reports of three key expulsions from the CPC. These are
Zhang Jianhua, former deputy head of the State Administration of Science, Technology and Industry for National Defense
Jiang Chaoliang, a former member of the 14th NPC Standing Committee. He was also the former vice-chairperson of the NPC Agriculture and Rural Affairs Committee
Lu Wenjun, former deputy general manager of China First Heavy Industries
Lu Wenjun, former deputy general manager of China First Heavy Industries