PD Commentary on BRI Warns of 'Empty Promises' & 'Unrealistic Expectations' - China-Japan Ties - He Lifeng Meets Goldman Sachs COO - Xinhua Series on Economic Policy
Here are the key reports and articles that I found noteworthy from the People’s Daily’s edition on Thursday, December 05, 2024.
Page 1: There’s another BRI-related commentary on the page today. It reiterates Xi’s call to maintain “strategic determination” because “opportunities outweigh the challenges.” It says that Xi’s speech provided “important ideological guidance and strategic leadership for overcoming various risks and challenges and promoting the steady and long-term development of the high-quality joint construction of BRI.”
This bit below in the commentary is worth noting.
“General Secretary Xi Jinping emphasized that ‘to promote the high-quality development of BRI, it is essential to appropriately address various risks and challenges and effectively mitigate the impacts of geopolitical conflicts.’ At present, the world has entered a new period of turbulence and transformation, marked by rising unilateralism and protectionism, frequent local conflicts and unrest, and increasing deficits in peace, development, security, and governance; uncertainty, instability, and unpredictability are on the rise. In this increasingly complex international environment, advancing the high-quality development of the BRI hinges on integrating high-quality development with high-level security. It is necessary to skillfully leverage advantages, avoid pitfalls, turn crises into opportunities, be proactive in analysis and forecasting, strengthen strategic, operational, and adaptive capacities, consolidate the basic foundation of cooperation, and expand new space for cooperation.” 习近平总书记强调，“推动共建‘一带一路’高质量发展，必须妥善应对各种风险挑战，有效克服地缘冲突影响”。当前，世界进入新的动荡变革期，单边主义、保护主义明显上升，局部冲突和动荡频发，和平赤字、发展赤字、安全赤字、治理赤字有增无减，不确定、不稳定、难预料因素增多。在日趋复杂的国际形势下推进高质量共建“一带一路”，关键是坚持高质量发展和高水平安全相结合。要善于趋利避害、化危为机，未雨绸缪加强分析研判，提升战略能力、运筹能力、应变能力，巩固合作基本盘、扩大合作新空间.
“Correctly handling the relationship between enhancing the sense of gain of partner countries and adhering to what is beneficial to us is an inherent requirement for promoting the high-quality development of BRI, and it is also an important principle and direction that must be firmly grasped at all times. It is necessary to persist in doing our best and acting within our capabilities, find the points of cooperation and the intersection of interests, coordinate the construction of major landmark projects and ‘small but beautiful’ livelihood projects — helping to jointly build national economic and social development of partner countries and improving people’s livelihood—and continuously enhance the sense of participation, gain, and happiness of the people of partner countries. It is necessary to persist in what is beneficial to us, mutual benefit and win-win, do what should be done and not doing what should not be done, do not issue any ‘dishonoured/phony checks/empty promises’ (空头支票) and do not raise appetites/don’t create unrealistic expectations (不吊高胃口), balance the political, strategic, overall, long-term, and economic accounts, and effectively safeguard China’s strategic interests.” 正确处理增强共建国家获得感和坚持于我有利的关系，这是推动共建“一带一路”高质量发展的内在要求，也是必须始终牢牢把握的重要原则和前进方向。要坚持尽力而为、量力而行，找准合作契合点、利益交汇点，统筹推进重大标志性工程和“小而美”民生项目建设，助力共建国家经济社会发展和民生改善，持续增强共建国家人民的参与感、获得感、幸福感。要坚持于我有利、互利共赢，有所为有所不为，不开“空头支票”、不吊高胃口，统筹算好政治账、战略账、大局账、长远账、经济账，有效维护我国战略利益.
“As BRI continues to be further promoted, there is an increase in China’s overseas assets. How to better safeguard the security of China’s overseas interests is a major issue facing the country. The Decision of the Third Plenary Session of the 20th CPC Central Committee made arrangements around improving the foreign-related national security mechanism, and proposed a series of reform measures such as ‘establishing and improving the coordination mechanism for peripheral security work’, ‘strengthening the system and mechanism for early warning, prevention and control, and protection of overseas interests and investment risks, and deepening international law enforcement cooperation in the field of security’. It is necessary to establish a bottom-line thinking, enhance risk awareness, speed up the improvement of various mechanisms and plans, and carry out risk investigation, monitoring, assessment, and early warning on a regular basis in order to effectively safeguard the legitimate rights and interests of Chinese citizens and legal persons overseas and ensure the security of China’s overseas interests.” 随着共建“一带一路”深入推进，我国海外资产越来越多。如何更好保障我国海外利益安全，这是摆在我们面前的重大课题。党的二十届三中全会《决定》围绕完善涉外国家安全机制作出部署，提出“建立健全周边安全工作协调机制”“强化海外利益和投资风险预警、防控、保护体制机制，深化安全领域国际执法合作”等一系列改革举措。要树牢底线思维、增强风险意识，抓紧完善各类机制和预案，常态化开展风险排查、监测、评估、预警，有效维护我国公民、法人在海外合法权益，确保我国海外利益安全。
Also on the page is a Zhong Yin commentary, which focuses on the publication of the new reader on Xi Jinping Thought on Culture. It talks about how Xi’s thought on this has outlined a “new cultural mission in the new era”.
It says that:
“Deeply rooted in excellent Chinese traditional culture, drawing on and absorbing all excellent achievements of human civilization, Chinese-style modernization represents the development direction of human civilization’s progress, presents a new landscape different from Western modernization models, and creates a new form of human civilization.” 深深植根于中华优秀传统文化，借鉴吸收人类一切优秀文明成果，中国式现代化代表人类文明进步的发展方向，展现了不同于西方现代化模式的新图景，创造了人类文明新形态.
It adds that the new reader “systematically expounds the core essence, spiritual substance, rich connotations, and practical requirements of Xi Jinping Thought on Culture, comprehensively reflecting the original contributions of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era in the cultural field, and provides an important study guide for us to deeply study and comprehend Xi Jinping Thought on Culture, feel the modern power of Chinese civilization, and consolidate the cultural foundation for national construction and national rejuvenation.” 近日出版发行的《习近平文化思想学习纲要》，系统阐释了习近平文化思想的核心要义、精神实质、丰富内涵、实践要求，全面反映习近平新时代中国特色社会主义思想在文化领域的原创性贡献，为我们深入学习领会习近平文化思想，感悟中华文明的现代力量，筑牢强国建设、民族复兴的文化根基提供了重要学习读本.
The commentary is then divided into three parts, each making a specific point. The first of these stresses the importance of the “continuous and unceasing flow of Chinese civilization” which has remained “unbroken” for “thousands of years” and repeatedly encountered challenges yet enduring without decline”, thereby forging a “miracle of human civilization”. 从中华文明生生不息中感悟自信力。历经数千年而绵延不绝，迭遭忧患而经久不衰，中华文明何以铸就这一人类文明的奇迹? So what accounts for this? The piece says:
“The shared belief that ‘civilization cannot be interrupted’ and the cultural consciousness of passing the torch are precisely the important codes for Chinese civilization’s continuation to this day. The modern power of Chinese civilization is manifested in the unprecedented strengthening of our confidence, forged into the spiritual temperament and cultural character of the entire nation, firmly grasping the fate of the country’s development and progress in our own hands.” “文明不可断”的共同信念、薪火相传的文化自觉，正是中华文明绵延至今的重要密码。中华文明的现代力量，体现为我们的自信力空前增强，熔铸成全民族的精神气质与文化品格，把国家发展进步的命运牢牢掌握在自己手中.
The second point is that “reform and innovation and keeping pace with the times are the eternal spiritual temperament of Chinese civilization.” 革故鼎新、与时俱进是中华文明永恒的精神气质. It adds: “The modern strength of Chinese civilization is manifested in our innovative power continuously condensing, exploring and innovating in frontier practices and unknown domains, continuously expanding new paths to realize modernization.” 中华文明的现代力量，体现为我们的创新力不断凝聚，在前沿实践、未知领域探索创新，继续拓展实现现代化的新路径.
The third point is the experience of inclusiveness and tolerance. “Chinese civilization is a civilization that originated on the land of China, and it is also a civilization that has been formed through continuous exchanges and mutual learning with other civilizations. In the new era, China is embracing the world with a more open attitude and contributing to the world with more dynamic civilizational achievements.” 中华文明是在中国大地上产生的文明，也是同其他文明不断交流互鉴而形成的文明。新时代中国正以更加开放的姿态拥抱世界、以更有活力的文明成就贡献世界.
In this context, the piece mentions BRI, GCI, GDI and GSI along with the proposal of building a community with a shared future for mankind.
Finally, there’s a report on Zhao Leji meeting Hun Sen. Xinhua reports Zhao said that “China stands ready to work with Cambodia to firmly support each other, deepen practical cooperation and expand people-to-people exchanges in accordance with the important consensus reached by the top leaders of the two parties. The NPC of China is willing to strengthen exchanges and cooperation with Cambodia's Senate and National Assembly to contribute to the building of the China-Cambodia community with a shared future, Zhao added.”
Page 2: A few reports to note. First, Wang Yi addressed (English report) the 20th Beijing-Tokyo Forum via video conference.
He said that “not long ago, President Xi Jinping and Prime Minister Shigeru Ishiba met for the first time during the APEC meeting. The two sides agreed to work together to comprehensively promote the strategic and mutually beneficial relationship between China and Japan in accordance with the principles and directions established in the four political documents between China and Japan, and to build a constructive and stable China-Japan relationship that meets the requirements of the new era. Both sides should be guided by the important consensus reached by the leaders of the two countries, adhere to the original aspirations of relations, follow the right path, seek common ground, and coordinate actions, all with the aim of promoting stable, lasting bilateral relations.
He then made four points.
First, Wang said that the two sides should understand the correct positioning of bilateral relations. China has always regarded Japan as an important cooperation partner, and hopes that Japan can view China’s development objectively and rationally. He also hoped that Japan will work with China to follow the correct positioning of the comprehensive advancement of the strategic, mutually beneficial relations between China and Japan, and implement the important consensus that the two countries should be cooperative partners and should not pose a threat to each other.
Second, the two sides should maintain the political foundations of bilateral relations. The four political documents between China and Japan have laid the political and legal foundations for bilateral relations, and they should not be blurred, retrogressed or undermined.
Third, China and Japan need to promote an open strategy of mutual benefits. Both sides should cherish their cooperation space and common interests that have already been established, and work together to maintain the stability and smooth operations of the global free trade system and industrial and supply chains.
Fourth, Wang called on the two countries to uphold regional and international peace and stability. In the face of rising unilateralism and protectionism, China and Japan need to work in tandem to safeguard Asian unity and cooperation to prevent external forces from fomenting confrontation.
Second, there’s a report on Wang’s meeting with Foreign Affairs Minister of Chile Alberto van Klaveren Stork. Xinhua says:
Wang said that “although China and Chile were separated by the long geographical distance, the people of the two countries have shared amity and friendship, and bilateral relations have developed steadily. Hailing the exemplary role Chile has played in developing ties with China, Wang said the meetings between the two countries’ leaders over the past years have guided bilateral cooperation to achieve gratifying results. ‘China-Chile relations have entered the best period’, said Wang. Noting that next year will mark the 55th anniversary of the establishment of diplomatic relations and the 20th anniversary of the free trade agreement signed by the two sides, Wang said China is ready to work with Chile to act on the consensus reached by the two countries’ heads of state, and advance the comprehensive strategic partnership by promoting high-level political mutual trust, pragmatic cooperation and connectivity. He said China is willing to maintain high-level exchanges with Chile and close communication at all levels, constantly improve economic and trade cooperation, expand cooperation in emerging fields such as information and clean energy, and strengthen the synergy of development strategies. Wang said China and Chile, both as important Asia-Pacific countries, should strengthen international coordination and jointly uphold multilateralism and free trade.”
Third, there’s a report on the comments from people attending the Understanding China conference in Guangzhou. Some of the key foreign commentators are:
Yves Camille Désiré Leterme, former Prime Minister of Belgium:
Wolfgang Schüssel, former Chancellor of Austria:
Hassan Diab, former Prime Minister of Lebanon:
Mulatu Teshome Wirtu, former President of Ethiopia:
Former Pakistani Prime Minister Shahid Khaqan Abbasi:
Andrey Bystritskiy, Chairman of the Board of the Foundation for Development and Support of the Valdai Discussion Club
Joseph Stiglitz
Fourth, there’s a report on the Foreign Ministry hosting a promotional event to present the Hainan Free Trade Port to the world. Wang Yi said that “China is committed to development through high-level opening up and will continue to foster a business environment that is market-oriented, law-based and internationalized, promote high-quality Belt and Road cooperation, and implement the Global Development Initiative.”
Xinhua explains: “Major officials of the island province of Hainan were invited to make presentations to more than 500 attendees, including diplomats and officials from over 160 countries, representatives from international organizations, central and local government officials, and representatives from enterprises, international trade associations, and domestic and foreign media.”
“Wang said that the construction of the Hainan free trade port has gained momentum and the region has attracted an increasing number of regional and global enterprises to invest and operate business, presenting a new and dynamic environment of openness and progress. The Hainan Free Trade Port has become a new frontier of China’s institutional opening up, a new hot spot for regional mutually beneficial cooperation, and a new engine driving economic globalization, Wang said. ‘Seeing is believing, and everyone is welcome to visit Hainan and gain firsthand experience,’ he added. Wang said China will adhere to open, innovative, green, inclusive, and peaceful development. ‘Choosing China means choosing opportunities, and embracing China means embracing the future,’ he said.”
Fifth, there’s a report on He Lifeng’s meeting with John Waldron, president and chief operating officer of Goldman Sachs Group, in Beijing. Xinhua says:
He told Waldron that “China welcomes more U.S. financial institutions and long-term capital to continue deepening mutually beneficial cooperation with China…China is fully implementing the guiding principles of the 20th CPC Central Committee’s third plenary session, steadily advancing major measures to deepen comprehensive reform, and continuously expanding opening-up at a high level, He noted. ‘We welcome more U.S. financial institutions and long-term capital, including Goldman Sachs Group, to continue deepening mutually beneficial cooperation with China, and to play a greater role in promoting the healthy development of China-U.S. relations,’ He said. The Goldman Sachs Group is full of confidence in China's economy and future development, and is willing to continue expanding cooperation with China and making contributions to promoting U.S.-China economic and trade cooperation, Waldron said.”
Sixth, there’s a brief report on Zhang Qingwei, Vice Chairman of the NPCSC, leading a delegation to Djibouti. Zhang met with President Ismail Omar Guelleh. Two other reports also inform of Party delegations visiting Malawi and Austria.
Page 3: There’s a report informing that in the first three quarters of the year, the scale of agricultural insurance premiums reached 137.1 billion yuan, a year-on-year increase of 6.2%, providing risk protection of 4.3 trillion yuan for 136 million insured farmers.
Another report informs that in the first 10 months, the added value of China’s machinery industry increased by 5.5% year-on-year, production and sales were generally stable, foreign trade saw accelerated development, and the overall operating situation was stable and improving.
Page 5: Yesterday, there was a Xinhua article in the paper discussing the economy. This is a series that is likely to continue. All this leads to the CEWC meeting in the days ahead. The article yesterday did lead to some media kerfuffle, owing to this bit below. I did not find it particularly remarkable, perhaps because I didn’t see the novelty in it. To me, this has been the leadership’s consensus on the direction of economic development for some time. But it is useful to note it as a signal before the CEWC.
“When looking at economic growth rate, we must not only look at the present or the immediate moment, but more importantly look dialectically and long-term. Valuing speed but not being solely focused on speed is the dialectical approach currently followed by China's economic development. GDP and its growth rate are typically used to measure a comprehensive economic strength and level of an economic entity. However, as a quantitative indicator, GDP emphasizes the concept of quantity and cannot comprehensively reflect the quality and efficiency of economic activities. General Secretary Xi Jinping pointed out: Understanding economic development as simply an increase or decrease in quantity and simple repetition is a metaphysical view of development. Since the 1960s, among more than 100 middle-income economies globally, only a dozen have successfully become high-income economies. The ones who were successful have achieved a shift in economic development from quantitative expansion to qualitative improvement after experiencing a period of high-speed growth. Those countries that have stagnated or even regressed have not achieved this fundamental transformation. The extensive economic development model once played a significant role in our country, but also made us pay enormous resource and environmental costs, concealing some contradictions and risks. If we do not break the ‘speed worship’, and continue to lay out projects and launch initiatives, even if we temporarily increase the speed, we will be overdrawing future growth. ‘No matter how fast the speed, it is not that we cannot, but that we choose not to.’ Entering the new era, General Secretary Xi Jinping has distinctly proposed that our economic development has entered a new normal of speed changes, structural optimization, and motivation transformation, making the important assertion that our economy has shifted from high-speed growth to high-quality development stage. Development is a hard truth, and high-quality development is the hard truth of the new era. From comprehensively implementing the new development concept, to accelerating the construction of a new development pattern, to developing new quality productivity according to local conditions, the Chinese economy continues to be injected with new connotations of high-quality development. The current Chinese economy pays more attention to achieving effective qualitative improvement and reasonable quantitative growth, rather than simply hero-worshipping GDP. This year’s annual economic growth target is around 5%, and we have been striving towards this goal. Through effort, whether it’s slightly left or right of 5%, is acceptable. Compared to speed, to assess whether the economy is good, we must more importantly see whether the development momentum is strong, whether the economic structure is reasonable, whether the innovation drive is stronger, whether development is more coordinated, whether the green foundation is thicker, whether the opening-up level is higher, and whether the people are happier and more secure. 看经济增速，不仅看当下、看一时，更要辩证看、长远看。重视速度、不唯速度，是当前中国经济发展所遵循的辩证法。GDP及其增速，通常用来衡量一个经济体的综合经济实力和水平。但作为一个数量指标，GDP强调的是量的概念，并不能全面反映经济活动的质量和效率。习近平总书记指出：“把经济发展仅仅理解为数量增减、简单重复，是形而上学的发展观。”上世纪60年代以来，全球100多个中等收入经济体中只有十几个成功跻身高收入经济体。那些取得成功的国家，就是在经历高速增长阶段后实现了经济发展从量的扩张转向质的提高。那些徘徊不前甚至倒退的国家，就是没有实现这种根本性转变。粗放型经济发展方式曾经在我国发挥了很大作用，但也让我们付出了巨大的资源和环境代价，掩盖了一些矛盾和风险。如果我们不破除“速度崇拜”，习惯于铺摊子、上项目，即使暂时把速度抬上去了，也会透支未来的增长。“速度再快一点，非不能也，而不为也。”进入新时代，习近平总书记鲜明提出我国经济发展进入速度变化、结构优化、动力转换的新常态，作出我国经济已由高速增长阶段转向高质量发展阶段的重要论断。发展是硬道理，高质量发展是新时代的硬道理。从完整准确全面贯彻新发展理念，到加快构建新发展格局，再到因地制宜发展新质生产力，中国经济不断被注入高质量发展的新内涵。当前的中国经济，更加注重实现质的有效提升和量的合理增长，而不是简单以GDP论英雄。今年全年经济增长目标是5%左右，我们一直朝这个目标全力以赴。经过努力，在5%的左一点或是右一点，都可以接受。相比于速度，评判经济好不好，我们更要看发展动力是否强劲、经济结构是否合理，看创新驱动力是否更强了、发展是否更协调了、绿色底色是否更厚重了、开放水平是否更高了、老百姓是否更幸福安康了.
Today’s article deals with boosting domestic demand. Perhaps, the most significant bit to note is that while demand is being seen as a challenge, there are no new ideas being discussed. The article is a re-affirmation of the current policy path.
It says: “At present, my country faces a complex and severe international environment, and the challenge of insufficient domestic demand is still significant. Striving to expand domestic demand is an important task of economic work at present and in the future.” 当前，我国面临的国际环境复杂严峻，国内需求不足的挑战仍然较大.着力扩大国内需求，是当前和今后一段时间经济工作的重要任务.
The first part of the article talks about improving numbers, such as retail sales, fixed assets investments, and many others. The second part of the article says this:
“For a period of time, our economic operation has faced challenges including insufficient domestic effective demand. In the first three quarters, the contribution rate of final consumption expenditure to economic growth was at its lowest level in recent years. Challenges and opportunities coexist. How to respond to challenges and seize opportunities? ... ‘Is Chinese consumption facing a crisis?’ Recently, consulting firm McKinsey released a report titled ‘2024 Chinese Consumer Market Truth’, responding to misreadings about Chinese consumption. ‘Although the growth rate of domestic consumption has declined, it is still growing, especially in some industries such as the service industry and tourism industry.’ From the perspective of investment, the growth rate of private investment in the first 10 months fell by 0.3% year-on-year, the lowest growth rate since the beginning of this year. However, excluding real estate development investment, private investment increased by 6.3% year-on-year, nearly 3 percentage points higher than the overall investment growth rate. Private investment in manufacturing, general equipment manufacturing, transportation equipment manufacturing and other fields maintained double-digit growth. Understanding the Chinese economy requires not just looking at current data fluctuations, but seeing how challenges are addressed, how obstacles are overcome, continuously striving towards established goals, and solidly taking each step.”
“In November, the General Office of the State Council issued the ‘Guidelines on Stimulating the Vitality of the Ice and Snow Economy through the High-quality Development of Ice and Snow Sports’. According to the document, by 2030, the total scale of the ice and snow economy will reach 1.5 trillion yuan. This will be an increase of nearly 70% over 2023. Entering the new era, the primary social contradictions in our country have undergone historic changes. By focusing on meeting people's needs for ‘good or not’/quality, the potential and opportunities of the domestic market are limitless. Cultivate new engines. Since the beginning of this year, from developing the silver economy to stimulating the vitality of the ice and snow economy, from the ‘take-off’ of the low-altitude economy to the ‘ignition’ of the pioneering economy, efforts on both supply and demand sides are leveraging investment and consumption, continuously upgrading and expanding the ultra-large-scale market. Expanding new spaces. Deeply promoting green low-carbon development, releasing the new-type urbanization strategic five-year action plan, cultivating and developing county-level economies, improving the level of regional coordinated development, promoting comprehensive rural revitalization, there is greater depth in terms of new spaces in the Chinese economy.” 一段时间以来，我国经济运行面临国内有效需求不足等挑战。前三季度，最终消费支出对经济增长贡献率处于近年低位...挑战和机遇并存。如何应对挑战、把握机遇？“中国消费面临危机了吗？”近期，咨询公司麦肯锡发布题为《2024中国消费市场真相》的报告，对关于中国消费的误读作出回应：“国内消费增速虽有所回落，但仍在增长，特别是服务业和旅游业等部分行业增长强劲。”从投资看，前10个月民间投资增速同比下滑0.3%，为今年以来最低增速。但扣除房地产开发投资，民间投资同比增长6.3%，高于整体投资增幅近3个百分点，制造业、通用设备制造业、运输设备制造业等领域民间投资均保持两位数增速。理解中国经济，不仅要看当下数据升降，还要看如何应对挑战、爬坡过坎，向着既定目标不懈奋进，扎实走好每一步。11月，国务院办公厅印发《关于以冰雪运动高质量发展激发冰雪经济活力的若干意见》。根据意见，到2030年，冰雪经济总规模达到1.5万亿元。这将比2023年增长近七成。进入新时代，我国社会主要矛盾发生历史性变化。在满足人民对“好不好”的需要上下功夫，内需市场潜力无限、机遇无限。培育新引擎。今年以来，从发展银发经济到激发冰雪经济活力，从低空经济“起飞”到首发经济“引燃”，供给、需求两端发力，撬动投资消费，超大规模市场持续升级扩容。拓展新空间。深入推进绿色低碳发展、发布新型城镇化战略五年行动计划、培育发展县域经济、提高区域协调发展水平、推进乡村全面振兴，中国经济纵深空间不断打开.
It then adds:
“At the same time, it should be noted that the current consumption capacity and willingness of residents are still insufficient, private investment expectations are weak, the real estate market is still in deep adjustment, and the overall price level continues to run at a low level. Facing new situations and problems in economic operation, the Party Central Committee made decisive decisions, with a coordinated package of policies working in the same direction, with a very clear orientation of expanding domestic demand. The 1 trillion yuan of ultra-long-term special treasury bonds for the ‘two heavy’ construction and ‘two new’ work have already been all issued. The 100 billion yuan central budget investment plan for next year and the 100 billion yuan list of "two-heavy" construction projects were issued ahead of schedule this year. Research and proposals have been made to further strengthen support for the ‘two new’, expand the scope of support policies, and intensify efforts to boost investment and promote consumption. The reserve requirement ratio and policy interest rates were reduced, structural monetary policy tools to support the stable development of the stock market have been put in place, and greater support has been provided for the financing and investment activities of business entities. The most significant debt optimization measures in recent years to enhance local governments' spending capacity have been introduced, directing more resources toward expanding investment, promoting consumption, and safeguarding livelihoods. A ‘combination punch’ to reduce home purchase costs, stimulate housing demand, and increase support for specific groups has been implemented. Going forward, we must strive at the key points of the national economy and people’s livelihood, continue to stimulate potential consumption, and expand effective and profitable investment. International organizations have assessed that the package of policies aims to improve social welfare, ensure the healthy operation of local governments, and bring price and asset price expectations into a positive cycle. It is beneficial for clearing bottlenecks in economic development, livelihood, and employment, promoting a smoother economic rebalancing process, and reflecting further innovation and breakthroughs in China's economic policy approach.” 同时也要看到，当前居民消费能力和消费意愿依然不足，民间投资预期较弱，房地产市场仍在深度调整，物价总水平持续低位运行。针对经济运行中的新情况新问题，党中央果断决策，一揽子政策协调配合、同向发力，扩内需导向十分鲜明。用于“两重”建设和“两新”工作的1万亿元超长期特别国债全部下达，年内提前下达明年1000亿元中央预算内投资计划和1000亿元“两重”建设项目清单，研究提出继续加大“两新”支持力度、扩大支持范围政策举措，加力扩投资促消费；降低存款准备金率和政策利率、创设支持股票市场稳定发展的结构性货币政策工具等，更好支持经营主体投融资；出台近年力度最大化债措施，提高地方政府支出能力，将更多资源用于扩投资、促消费、保民生；打出“组合拳”降低购房成本、提振购房需求，加大对特定群体支持力度……在国计民生关键处发力，持续激发有潜能的消费、扩大有效益的投资。国际机构评价，一揽子政策是为了社会民生好转、地方良性运转、物价和资产价格预期进入正向循环，有利于打通经济发展和民生就业淤塞点，推动经济再平衡过程更加顺畅，体现中国经济政策思路的进一步创新和突破.
Page 17: There’s a report (related English report) on China and Zambia launching a Group of Friends on International Cooperation on AI Capacity Building at the UN. Representatives from more than 80 other countries, including Egypt, Pakistan, Brazil, Ethiopia, Indonesia, Russia, the United States, France and the United Kingdom, attended the inaugural meeting of the group. The UN’s Office of the Secretary-General's Envoy on Technology was represented as well.