Politburo Meeting - New Guideline on Social Credit System - Chongqing's Support for Pvt Tech Firms - More Attacks on Lai & PLA's Taiwan Drills - China's National Innovation Index Report
Here are the key reports and articles that I found noteworthy from the People's Daily’s edition on Tuesday, April 01, 2025.
Page 1: The lead report today is about the March Politburo meeting, which reviewed the Regulations on Ecological and Environmental Protection Supervision Work and a report on the fourth round of disciplinary inspection launched by the 20th CPC Central Committee. Xinhua English summarises the first bit well:
“The meeting said the inspection of the ecological and environmental protection work has achieved positive results, by pushing officials at all levels to fulfill their political duties, handling a number of major cases of ecological and environmental damage and solving a batch of prominent environment(al) problems that have been complained about by the people. The meeting emphasized the need to uphold and strengthen the Party’s leadership over environmental protection inspections, continue leveraging the role of inspections as a powerful tool, and further hold localities and departments accountable for their political obligations to advance the building of a Beautiful China. It stressed the importance of having the courage to tackle tough issues, persistently uncover and earnestly address problems, and enhance the effectiveness of implementing the Party Central Committee's decisions and plans on ecological civilization.”
On inspections, the report says:
“The meeting pointed out that the Central Inspection Team conducted inspections on some central and state agencies, discovered some problems, and must seriously and earnestly grasp rectification. It is necessary to improve our political position, fulfill the responsibilities and missions entrusted by the Party Central Committee, and take practical actions to achieve the Two Safeguards. It is essential to strengthen political responsibility, adhere to the principle of maintaining integrity while pursuing innovations, strengthen top-level design and overall planning, and resolutely promote the implementation of various reform tasks. It is essential to strengthen the construction of the leadership team, focus on solving the problems of reckless action, inaction, lack of courage to act, and incompetence in action, and promote the standardisation of the ability of leading cadres to move up and down. It is necessary to conscientiously fulfill the political responsibility of governing the Party, adhere to high standards and strict requirements, persevere in rectifying the work style, strengthening discipline and combating corruption, and building a political organization with a clean and upright atmosphere.” 会议指出，中央巡视组对部分中央和国家机关单位开展巡视，发现一些问题，要严肃认真抓好整改。要提高政治站位，扎实履行党中央赋予的职责使命，以实际行动做到“两个维护”。要强化政治担当，坚持守正创新，加强顶层设计、总体谋划，坚决推进各项改革任务落实。要加强领导班子建设，着力解决乱作为、不作为、不敢为、不善为问题，推进领导干部能上能下常态化。要认真履行管党治党政治责任，坚持高标准、严要求，持之以恒正风肃纪反腐，建设风清气正的政治机关.
It adds that when it comes to inspections, “it is essential to adhere to the central task and serve the overall situation, deepen political inspections, and focus on the implementation of the decisions and arrangements of the Party Central Committee so as to provide strong guarantees for promoting Chinese-style modernisation. Adhere to being problem-oriented and maintain a strict tone, focus on key issues, areas, and targets, and strengthen supervision of the ‘top leaders’ and leadership teams. It is necessary to uphold a systems approach, leverage the role of comprehensive supervision, strengthen the integration and coordination of inspections with other forms of supervision, and form a synergy in work. It is necessary to adhere to seeking truth from facts, act in accordance with regulations, discipline, and the law, accurately grasp policies, truthfully reflect problems, strengthen awareness of discipline and the rule of law, and strictly enforce internal management and supervision.” 会议强调，2025年是推进巡视全覆盖的关键一年，要以习近平新时代中国特色社会主义思想为指导，全面贯彻落实党的二十大和二十届二中、三中全会精神，持续推动巡视工作高质量发展。要坚持围绕中心、服务大局，深化政治巡视，把党中央各项决策部署落实情况作为监督重点，为推进中国式现代化提供有力保障。要坚持问题导向、严的基调，盯住重点问题、重点领域、重点对象，加强对“一把手”和领导班子的监督。要坚持系统观念、发挥综合监督作用，加强巡视与其他监督贯通协调，形成工作合力。要坚持实事求是、依规依纪依法，准确把握政策，如实反映问题，强化纪律意识和法治意识，严格内部管理监督.
Next, there’s a report on Qiushi publishing Xi’s speech on science and technology. The speech was delivered in June 2024 at the meeting conflating the national sci-tech conference, the national science and technology award conference, and the general assemblies of the members of the Chinese Academy of Sciences (CAS) and the Chinese Academy of Engineering (CAE). Now, the entire speech was made public back in June and I had done a deep-dive breakdown at the time. So if you are interested, please do check it out here.
Moving on, the new guideline published by the General Office of the Communist Party of China Central Committee and the General Office of the State Council on improving the social credit system is published in the paper.
As part of the General Requirements, the document calls for the system to “adhere to government guidance, market-driven forces, and societal co-construction; adhere to promoting a culture of integrity, integrating public credit information with market credit information, ensuring that credit rewards and punishments are reasonable and lawful; build a social credit system that covers all entities, with unified institutional rules, co-construction, sharing, and joint utilisation; promote the deep integration of the social credit system with all aspects and links of economic and social development; and provide strong support for accelerating the construction of a unified national market, maintaining a fair and orderly competitive market order, and promoting high-quality development.” 坚持以习近平新时代中国特色社会主义思想为指导，深入贯彻党的二十大和二十届二中、三中全会精神，坚持和加强党的领导，坚持稳中求进工作总基调，完整准确全面贯彻新发展理念，坚持政府引导、市场驱动、社会共建，坚持弘扬诚信文化，坚持公共信用信息和市场信用信息相互融合，坚持信用奖惩合理合法，构建覆盖各类主体、制度规则统一、共建共享共用的社会信用体系，推动社会信用体系与经济社会发展各方面各环节深度融合，为加快建设全国统一大市场、维护公平有序竞争市场秩序、推动高质量发展提供有力支撑.
The first part of the document talks about the different entities that are covered under the system:
First, government affairs credit construction. Improve the government’s integrity and fulfilment mechanism, carry out government integrity evaluations, improve the standards for identifying government dishonest behaviours and dishonesty punishment measures. When the government and its departments (including subordinate units) engage in dishonest behaviours in public resource transactions, investment promotion, talent introduction, government and social capital cooperation, industry support, investment financing, enterprise-related fees and other fields, they will be included in credit records according to regulations, and their applications for various fiscal funds and projects, pilot demonstrations, and merit evaluations will be restricted. Effectively utilise the role of public institution abnormal directory, enhance the level of integrity and self-discipline of public institutions. Strengthen the integrity management and education of public officials. 深化政务信用建设。健全政府诚信履约机制，开展政务诚信评价，完善政府失信行为认定标准和失信惩戒措施，政府及其部门（含下属单位）在公共资源交易、招商引资、人才引进、政府与社会资本合作、产业扶持、投资融资、涉企收费等领域出现失信行为的，按规定将其纳入信用记录，限制其申请各类财政性资金和项目、试点示范、评先评优。有效发挥事业单位异常名录作用，提升事业单位诚信自律水平。加强公职人员诚信管理和教育.
Second, strengthen the credit construction of business entities. Strengthen the credit management of business entities, support business entities to improve compliance management systems, control credit risks, and guide business entities to operate in good faith and keep their promises. Establish a comprehensive evaluation system for corporate credit status based on comprehensive public credit evaluation. Strengthen the disclosure of credit status of state-owned enterprises on the premise of ensuring confidentiality and sensitive information security. Encourage business entities to actively provide credit information to credit service agencies and continuously improve credit records. 加强经营主体信用建设。强化经营主体信用管理，支持经营主体完善合规经营制度、管控信用风险，引导经营主体诚信经营、守信践诺。以公共信用综合评价为基础，建立企业信用状况综合评价体系。在确保保密和敏感信息安全前提下，加强国有企业信用状况披露。鼓励经营主体主动向信用服务机构提供信用信息，不断健全信用记录.
Third, accelerate the credit construction of social organizations. Strengthen the management, sharing and disclosure of credit information of social organisations, strengthen the credit supervision of social organisations, guide social organisations to be honest and self-disciplined, and improve the level of internal governance. Industry regulatory departments and business supervisory units must promote industry associations and chambers of commerce in strengthening integrity construction, guide them to carry out credit evaluations and other activities in accordance with laws and regulations, and leverage their role in guiding member behaviour, enforcing rules, and protecting rights and interests. 加快社会组织信用建设。加强社会组织信用信息管理、共享、公开，强化社会组织信用监管，引导社会组织诚信自律，提升内部治理水平。行业主管部门和业务主管单位要推动行业协会商会加强诚信建设，指导行业协会商会依法依规开展信用评价等活动，发挥其对成员的行为导引、规则约束、权益维护等作用.
Fourth, promote the orderly construction of natural person credit. Establish and improve natural person credit records in accordance with laws and regulations. Accelerate the construction of credit management systems for key professional groups, including practitioners in the fields of law, finance, accounting, auditing, medical care, education, housekeeping, engineering construction, ecological environment, platform economy, and those who have obtained national professional qualifications. Localities and departments with suitable conditions may conduct credit evaluations of natural persons, to be used as a reference for providing incentive policies to trustworthy entities. It is strictly prohibited to include non-credit information and personal private information in credit evaluations. 有序推进自然人信用建设。依法依规建立健全自然人信用记录。加快推进法律、金融、会计、审计、医疗、教育、家政、工程建设、生态环境、平台经济等领域从业人员和取得国家职业资格人员等重点职业人群的信用管理制度建设。有条件的地方和部门可以开展自然人信用评价，用作为守信主体提供激励政策的参考，严禁将非信用信息和个人私密信息纳入信用评价.
Fifth, comprehensively strengthen the credit construction of the judicial enforcement system. Strengthen the credibility building of courts and procuratorates, and improve judicial credibility. Increase judicial openness according to law, guaranteeing the people’s right to know. Strengthen the credit construction of judicial law enforcement personnel, establish credit records and credit commitment systems for law enforcement personnel. Increase the cost of false litigation, illegality and dishonesty. Strictly implement the procedures for identifying dishonest persons subject to enforcement, and optimise relevant dishonesty punishment measures. 全面强化司法执法体系信用建设。加强法院、检察院司法公信建设，提高司法公信力。依法加大司法公开力度，保障人民群众知情权。加强司法执法人员信用建设，建立执法人员信用记录和信用承诺制度。提高虚假诉讼违法失信成本。严格失信被执行人认定程序，优化相关失信惩戒措施.
The next section discusses data sources, collection and sharing.
Strictly define the scope of public credit information. Competent industry departments shall determine the public credit information in this field and form industry credit records in accordance with laws, administrative regulations, local regulations or policy documents of the Party Central Committee and the State Council. For information that is dishonest, the severity of its dishonesty shall be classified and clarified. Public credit information shall be uniformly managed in a catalog. The National Development and Reform Commission shall compile and establish a complete credit record of relevant entities. 严格界定公共信用信息范围，行业主管部门要根据法律、行政法规、地方性法规或党中央、国务院政策性文件确定本领域公共信用信息并形成行业信用记录，其中属于失信信息的，要分类明确其失信严重程度。对公共信用信息统一实行目录管理，国家发展改革委汇总建立相关主体的完整信用记录.
Strengthen the ‘central hub’ function of the National Credit Information Sharing Platform for credit information collection and sharing, adhering to the principle of sharing as the norm and non-sharing as the exception. Uniformly collect credit information in various fields, provide credit information services to relevant departments according to needs and regulations, and regularly conduct collection and sharing quality and efficiency evaluation. Conduct regular assessments of the quality and effectiveness of information collection and sharing. Promote deep integration and data sharing between the National Credit Information Sharing Platform and industry credit information systems. Study and enhance the application of blockchain and other technologies in credit information management. Under the premise of protecting the legal rights and information security of credit subjects, improve the sharing level of business contract information, industrial chain information, transaction information, and other relevant data. 强化全国信用信息共享平台信用信息归集共享“总枢纽”功能，坚持以共享为原则、不共享为例外，统一归集各领域信用信息，根据需求按规定向有关部门提供信用信息服务，定期开展归集共享质效评估。推动全国信用信息共享平台与行业信用信息系统深度联通、数据共享。研究加强区块链等技术在信用信息管理等方面的应用，在保障信用主体合法权益和信息安全的前提下，提升商业合同信息、产业链信息、交易信息等共享水平.
Establish unified standards and rules for the public disclosure of public credit information. The Credit China website will centrally disclose various types of public credit information, and in principle, industry regulatory departments will no longer disclose public credit information outside their own business domains. The Credit China website will provide public credit information inquiry services to the public based on the principle of public welfare. For public credit information already disclosed on the Credit China website, credit service agencies must ensure that the credit information they use is the same as the disclosed content and the duration is consistent. 建立公共信用信息统一公示制度。建立统一的公共信用信息公示标准规则。“信用中国”网站集中公示各类公共信用信息，行业主管部门原则上不再公示本部门业务领域之外的公共信用信息。“信用中国”网站按照公益性原则向社会公众提供公共信用信息查询服务。对已在“信用中国”网站公示的公共信用信息，信用服务机构应当确保使用的信用信息与公示内容相同、期限一致.
Promote the open circulation of public credit information in an orderly manner. Formulate management measures for authorised operation of public credit information, support qualified operating institutions to carry out public credit information resource development, product operation and technical services in accordance with authorisation, and strictly prohibit the unauthorised and excessive use of public credit information. Establish standards and rules for access to the circulation of public credit information. Encourage business entities to provide public welfare services based on public credit information in accordance with laws and regulations. Explore the establishment of a reasonable sharing mechanism for the value and benefits of public credit information, and safeguard the rights and interests of public credit information assets in accordance with laws and regulations. Encourage regional public credit information sharing, mutual recognition of credit evaluation, and coordination of credit rewards and punishments. 有序推动公共信用信息开放流通。制定公共信用信息授权运营管理办法，支持符合条件的运营机构依授权开展公共信用信息资源开发、产品经营和技术服务，严禁未经授权、超范围使用公共信用信息。建立公共信用信息流通准入标准规则。鼓励经营主体依法依规依托公共信用信息提供公益服务。探索建立公共信用信息价值收益合理分享机制，依法依规维护公共信用信息资产权益。鼓励区域间公共信用信息共享、信用评价互认、信用奖惩协同。
Strengthen the protection of credit information security. Establish a mechanism for tracing credit information security management and pursuing liability for infringements, clearly defining security responsibilities at each stage of the information transmission chain. Strictly implement security protection responsibilities and regulate credit information processing procedures. Enhance the security management level of credit information infrastructure. Establish and improve an emergency response mechanism for credit information security. 加强信用信息安全保护。建立信用信息安全管理追溯和侵权责任追究机制，明确信息传输链条各环节安全责任。严格落实安全保护责任，规范信用信息处理程序。提高信用信息基础设施安全管理水平. 建立健全信用信息安全应急处理机制。
The next section talks about improving the mechanism of incentives for trustworthiness and punishment for dishonesty.
On incentives, it says: “Build a comprehensive credit incentive policy environment to provide convenience or preferential treatment for trustworthy entities in public services. Encourage platform enterprises to make good use of big data resources and provide accurate market-oriented and social incentives for trustworthy entities. Support financial institutions to deeply explore the value of credit information and continuously improve the level of financing convenience for trustworthy entities.” 强化对守信行为的激励。构建全方位的信用激励政策环境，为守信主体在公共服务中提供便利或优惠。鼓励平台企业用好大数据资源，为守信主体精准提供市场化、社会化激励。支持金融机构深入挖掘信用信息价值，持续提升守信主体融资便利化水平.
On punishing dishonesty, the document says: “For those listed in the list of seriously dishonest entities, restrictions or prohibitions shall be imposed in accordance with laws and regulations on applying for government funds, enjoying tax preferences, participating in public resource trading activities, issuing stocks and bonds, receiving awards and recognition, being recruited, selected, transferred, or appointed as civil servants, and applying for public institution open recruitment. A list of seriously dishonest entities shall also be established in the real estate market, Internet sector, human resources market, and long-term energy contract sector. The disciplinary measures for dishonesty and the list of seriously dishonest entities shall be subject to standardized and unified list-based management.” 被列入严重失信主体名单的，在申请政府资金、享受税收优惠、参与公共资源交易活动、股票债券发行、评先评优、公务员录用遴选调任聘任、事业单位公开招聘等方面，依法依规予以限制或禁止。在房地产市场、互联网、人力资源市场、能源中长期合同领域增设严重失信主体名单。对失信惩戒措施和严重失信主体名单实行清单化统一管理。
Improve a unified credit restoration system. Establish and refine a unified, standardised, coordinated, and efficient credit restoration system, encouraging dishonest entities to proactively correct their dishonest behavior. The NDRC shall take the lead in unifying the channels for credit information disclosure and restoration, optimising credit restoration rules, and strengthening coordination among judicial authorities, industry regulators, and credit service agencies. For credit entities that have completed restoration, their dishonest information shall be promptly removed from public disclosure, they shall be removed from relevant dishonest lists, and related disciplinary measures shall be lifted in accordance with laws and regulations. 完善统一的信用修复制度。建立健全统一规范、协同共享、科学高效的信用修复制度，鼓励失信主体主动纠正失信行为。国家发展改革委牵头统一信用信息公示和修复的渠道，优化信用修复规则，加强司法机关、行业主管部门、信用服务机构等修复协同。对完成修复的信用主体，应当及时停止公示其失信信息、将其移出相关失信名单，并依法依规解除相关失信惩戒措施。
The next section makes 6 points:
First, the NDRC should take the lead in improving the credit evaluation system.
Second, establish and improve the credit commitment system. Under this, it calls to promote the credit commitment system in the fields of administrative approval, certification matters, credit repair, etc.
Third, promote the full use of credit reports in public management fields such as market access, administrative approval, government procurement, investment promotion, and qualification review. Vigorously promote the use of specialized credit reports to replace certificates of whether there are any violations or illegal records. Encourage the use of credit reports in market transactions such as bidding, financing and credit, and commercial transactions.
Fourth, the NDRC will include the verified contract performance by government entities into the credit records of relevant entities to effectively improve the level of contract performance.
Fifth, strengthen the construction of rural credit systems, strengthen the collection and sharing of agricultural credit information, clarify collection responsibilities, optimise and streamline collection indicators and evaluation rules, and improve the credit evaluation level of farmers and new agricultural operators.
Sixth, improve the legal and regulatory system of the social credit system. Improve the unified social credit code system, further clarify the departments responsible for assigning codes to various entities, and improve the data sharing and verification mechanism for code assignment. Formulate nationwide unified standards for credit information management. Promote the enactment of a Social Credit Construction Law, and promote the incorporation of credit rules into relevant special laws and regulations. Strengthen comprehensive assessments before the introduction of credit policies to prevent the generalized and abusive use of credit management measures. 完善社会信用体系法律法规制度。完善统一社会信用代码制度，进一步明确各类主体的赋码部门，健全赋码数据共享与校核机制。制定全国统一的信用信息管理标准。推动出台社会信用建设法，推动将信用规则纳入相关专项法律法规。加强信用政策出台前的综合评估，防止信用管理措施泛化滥用.
The next section makes four points:
Vigorously cultivate the credit service market. Under this, it calls to innovate business models such as credit evaluation, credit rating, credit scoring, credit reporting, credit verification, credit management, credit consulting, and environmental, social and governance evaluation to effectively support the development of the credit economy. 大力培育信用服务市场。创新信用评价、信用评级、信用评分、信用报告、信用核查、信用管理、信用咨询以及环境、社会和治理评价等业务模式，有效支撑信用经济发展。
Expand the scope of credit information collection and sharing according to actual application needs, improve the enterprise financing credit enhancement system based on credit information, effectively increase the proportion of credit loans for small and medium-sized enterprises, and support qualified credit reporting institutions to participate in the operation of financing credit service platforms. Encourage credit service institutions to collect commercial contract performance information in accordance with laws and regulations, and support the orderly promotion of credit sales models such as credit sales, instalment payments, and financial leasing. Strengthen the disclosure of commercial bill information and improve the credit constraint mechanism of the bill market. Include business entities engaged in malicious debt evasion and default in the list of relevant serious dishonest entities in accordance with laws and regulations. 依托全国一体化融资信用服务平台网络，按照实际应用需求扩大信用信息归集共享范围，完善以信用信息为基础的企业融资增信制度，有效提升中小微企业信用贷款比重，支持符合条件的征信机构参与融资信用服务平台运营。鼓励信用服务机构依法依规采集商业合同履约信息，支持有序推广赊销、分期付款、融资租赁等信用销售模式。强化商业汇票信息披露，完善票据市场信用约束机制。将恶意逃废债经营主体依法依规纳入相关严重失信主体名单.
Strengthen credit construction in the platform economy sector. Enhance the sharing of public credit information and business information of platform enterprises, guide platform enterprises to establish internal credit management systems and inter-platform joint dishonesty constraint systems, implement differentiated management and services based on the credit status of merchants on the platform, provide more preferential benefits to law-abiding and honest operators, and impose restrictions on dishonest operators within platform rules. Strengthen credit supervision of online influencers, self-media, and multi-channel network service agencies (MCNs). 加强平台经济领域信用建设。加强公共信用信息和平台企业经营信息的共享，引导平台企业建立平台内信用管理制度和平台间失信联合约束制度，根据平台内商户信用状况实施差别化的管理和服务，为守法诚信经营主体提供更多优惠便利，对违法失信经营主体在平台规则内予以限制。加强对网络主播、自媒体、网络信息内容多渠道分发服务机构（MCN机构）等信用监管.
Serve high-level opening up. On the premise of ensuring security, promote the cross-border circulation of credit information data in accordance with laws and regulations, carry out cross-border credit cooperation in an orderly manner, and promote cross-border mutual recognition of credit products such as credit evaluation and credit reports. Support domestic credit service institutions to carry out independent and fair third-party credit service cooperation with countries participating in the construction of the BRI and BRICS countries. Strengthen international credit exchange and actively cultivate credit institutions with international competitiveness and influence. Promote the international development of domestic credit rating agencies. 服务高水平对外开放。在确保安全的前提下，依法依规推进信用信息数据跨境流通，有序开展跨境信用合作，推动信用评价、信用报告等信用产品跨境互认。支持国内信用服务机构与共建“一带一路”国家、金砖国家开展独立、公正的第三方信用服务合作。加强国际征信交流，积极培育具有国际竞争力和影响力的征信机构。推动国内信用评级机构国际化发展.
Finally, there’s a report informing that China’s manufacturing PMI was 50.5% in March, up 0.3 percentage points from the previous month.
The PMI of large enterprises was 51.2%, still in the expansion range
The PMI of medium-sized enterprises was 49.9%, up 0.7 percentage points from the previous month
The PMI of small enterprises was 49.6%, up 3.3 percentage points from the previous month
Page 2: There’s a report (related English report) on the International Forum on Belt and Road Legal Services. Wang Junfeng, head of the Belt and Road International Legal Services Association, talked about how this is an important platform to “resolve cross-border disputes and continuously optimize the business environment”. Some useful data:
“Currently, Chinese law firms have established 207 branches in 37 countries and regions, with 73 branches set up in BRI-participating countries and regions. Meanwhile, the number of lawyers engaged in international legal services has exceeded 12,000. The parties involved in international arbitration cases now come from more than 100 countries and regions worldwide, according to the Ministry of Justice.”
Also on the page is an interview with Hu Henghua, Mayor of Chongqing on the policies related to the private sector. The key bit that Hu talks about is the region’s support for tech enterprises.
First, he talks about supporting new enterprises. “From 2023 to 2024, Chongqing added a net 2,281 private high-tech enterprises and 26,700 private technology-based enterprises, with a 37.9% increase in private specialized, refined, and innovative enterprises.”
Second, he talks about supporting R&D. He says that Chongqing will implement technological special projects in areas such as new energy and AI, support private enterprises in building technology innovation centers and forming industrial innovation alliances, accelerate the tackling of key core technologies, and promote the transformation of scientific and technological achievements. As of 2024, 20 private enterprises in Chongqing have established national enterprise technology centers, and 10 private enterprises have set up academician workstations. Breakthroughs in technologies like V2V vision networking and recombinant tuberculosis bacillus fusion protein testing reagents have been achieved. 二是抓研发、提能力。实施新能源、人工智能等科技专项，支持民企建设技术创新中心、组建产业创新联合体，加快关键核心技术攻关和科技成果转化。2024年，重庆有20家民企设立国家企业技术中心，10家民企设立院士工作站，“V2V视联网”、重组结核杆菌融合蛋白检测试剂等技术实现突破.
Third, he stresses policies to push the digital transformation of enterprises.
Fourth, he says that the city will focus on the integration of the ‘four chains’ of innovation chain, industrial chain, capital chain and talent chain, jointly build a platform for industry-university-research docking, enhance the efforts to attract and cultivate innovative talents, promote the open sharing of scientific and technological innovation resources, and guide financial resources to invest early, in small amounts, for the long term, and in hard technologies. In 2024, the loan balance of private technology-based enterprises in Chongqing exceeded 700 billion yuan, an increase of more than 40% year-on-year… 四是抓融合、优生态。聚焦创新链、产业链、资金链、人才链“四链”融合，协同构建产学研对接平台，加大创新人才引育力度，推动科技创新资源开放共享，引导金融资源投早、投小、投长期、投硬科技。2024年，重庆民营科技型企业贷款余额超过7000亿元，同比增长40%以上，“热带雨林式”创新生态正加快形成.
In terms of priorities for 2025, Hu outlines four points:
First, support the private economy to make great strides in industrial upgrading. Encourage private enterprises to deeply embed themselves in the industrial chain and supply chain of key industrial domains such as intelligent and networked new energy vehicles, new generation electronic information manufacturing, and advanced materials; encourage qualified private enterprises to develop future industries such as AI, low-altitude economy, embodied intelligence, and aerospace information; and support private enterprises to participate in the creation of service industry clusters such as industrial design, inspection and testing, and software information. 一是支持民营经济在产业升级中大展拳脚。推动民企深度嵌入智能网联新能源汽车、新一代电子信息制造、先进材料等重点产业集群产业链供应链，鼓励有条件的民企发展人工智能、低空经济、具身智能、空天信息等未来产业，支持民企参与打造工业设计、检验检测、软件信息等生产性服务业集群.
Second, support the private economy to leverage its advantages in scientific and technological innovation. Focusing on building four major scientific and technological innovation highlands of digital intelligence technology, life and health, new materials, and green and low-carbon technologies. Establish industrial alliances and industry-university-research docking platforms, guide advantageous private enterprises to form industrial innovation consortia, support private enterprises to take the lead in implementing major key R&D projects, accelerate the industrialisation of scientific and technological achievements, and let private enterprises play a big role in optimising the layout of scientific and technological innovation and cultivating and developing new quality productive forces. 二是支持民营经济在科技创新中发挥优势。围绕打造数智科技、生命健康、新材料、绿色低碳四大科创高地，组建产业联盟和产学研对接平台，引导优势民企组建产业创新联合体，支持民企牵头实施重大重点研发专项，加快推进科技成果产业化，让民企在优化科技创新布局、培育发展新质生产力中大显身手。
Third, support the private economy to play a role in expanding investment…Chongqing will continue to promote fair opening of competitive infrastructure fields to various business entities, innovate investment and financing methods, so that private enterprises can have output and increment in Chongqing, and aggregate to form a larger flow of private investment. 三是支持民营经济在扩大投资中担当作为。重庆在城市建设、乡村振兴、生态环保、社会民生等领域储备了很多好项目，民营经济参与的机会多、空间广。重庆将持续推进基础设施竞争性领域向各类经营主体公平开放，创新投融资方式，让民企在渝投资有产出、有增量，聚合形成民间投资的更大流量。
Fourth, guide private enterprises to enhance capacity and efficiency…promote the formation of a new pattern of private economy development led by leading enterprises and integrated development of large, medium and small enterprises, guide the majority of private enterprises and private entrepreneurs to have aspirations to serve the country, focus on development, operate lawfully and well, promote common prosperity after becoming rich first, and make new and greater contributions to writing the Chongqing chapter of Chinese-style modernisation. 四是支持民营经济在提能增效中乘势而上。重庆将以实施新时代渝商“十百千万”培育工程为引领，壮大新一代渝商队伍，推动形成龙头企业带动、大中小企业融通的民营经济发展新格局，引导广大民营企业和民营企业家胸怀报国志、一心谋发展、守法善经营、先富促共富，为谱写中国式现代化重庆篇章作出新的更大贡献.
Page 3: Two reports to note. First, He Lifeng met with Ray Dalio, founder of Bridgewater Associates, in Beijing on Monday. Xinhua says:
“The Chinese economy has gotten off to a steady start and maintained good development momentum since the beginning of the year, with a unified national market taking shape and the release of consumption potential accelerating. China will further deepen its reform comprehensively and promote high-level opening-up of its capital market, He said, adding that international investors are welcome to participate actively in the construction of China’s capital market and share in its development opportunities, He said. Dalio said that China’s economic and social development achievements are there for all to see, and he expressed willingness to continue contributing to U.S.-China economic and trade cooperation.”
Next, there’s a report on the 13th China-Japan-ROK Economic and Trade Ministers' Meeting.
Wang Wentao said that China, Japan and South Korea are geographically close, culturally connected and commercially linked, and the economic and trade cooperation among the three countries has yielded fruitful results. Affected by factors such as the spread of unilateralism and protectionism, the downward pressure on the world economy has increased. As important economies in the region and the world, China, Japan and South Korea should jointly safeguard free trade and the multilateral trading system, oppose unilateralism and protectionism, continue to promote regional economic integration, and inject strong impetus into the prosperity and development of the world economy. China is determined to promote high-quality development and expand high-level opening up to the outside world, and is willing to share development opportunities with countries around the world, including South Korea and Japan. 王文涛表示，中日韩地缘相近、文缘相通、商缘相连，三国经贸合作成果丰硕。受单边主义及保护主义蔓延等因素影响，世界经济下行压力加大。中日韩作为区域乃至全球重要经济体，应共同维护自由贸易和多边贸易体系，反对单边主义和保护主义，持续推进区域经济一体化，为世界经济繁荣发展注入强劲动力。中方坚定不移推动高质量发展，扩大高水平对外开放，愿与包括韩、日在内的世界各国分享发展机遇.
The economic and trade departments of the three countries unanimously agreed to strengthen cooperation under regional and multilateral frameworks such as the WTO, the RCEP, and the APEC, discuss accelerating the negotiations on the China-Japan-ROK Free Trade Agreement, strengthen supply chain cooperation and export control dialogues, deepen cooperation in the digital economy and green economy, strengthen local cooperation…and jointly create a good business environment for corporate cooperation. 三国经贸部门一致同意，将加强在世界贸易组织、《区域全面经济伙伴关系协定》、亚太经济合作组织等区域及多边框架下合作，就加快中日韩自贸协定谈判进行讨论，加强供应链合作和出口管制对话，深化数字经济及绿色经济合作，加强泛黄海经济技术交流会议等地方合作，共同为企业合作营造良好营商环境。
Page 4: There’s a one-line report informing that Wang Xinwei has been elected as the governor of the Liaoning provincial government.
Page 6: There’s a report on the National Innovation Index Report 2024. The report says “China ranked 10th in the world in the overall National Innovation Index, a rise of 10 positions compared to the 20th place in 2012. This marks the fastest progress for any country in the past decade and makes China the only middle-income country to enter the top ten in the world.”
China ranked 5th in Innovation Resources. In 2022, China's R&D expenditure accounted for about 20.1% of the global total, maintaining the second position in the world; the ratio of R&D expenditure to GDP reached 2.49% (increasing to 2.68% in 2024), ranking 14th; the share of basic research expenditure in total R&D spending was 6.57% (increasing to 6.91% in 2024), ranking 34th.
China ranks 7th in Knowledge Creation. China’s share of highly cited papers has increased, maintaining the world’s top position; the number of effective invention patents in China reached 3.351 million, ranking first globally; the number of invention patents per 10,000 employed persons ranks eighth; the number of industrial design registration applications for industrial value-added of $100 million ranks first.
China ranks 9th in Enterprise Innovation. The share of global patents held by China has increased to 10.4%, ranking third in the world; the ratio of corporate R&D expenditure to industrial value-added and the proportion of corporate researchers to total researchers in society rank 18th and 16th, respectively; the proportion of intellectual property royalties in service export trade ranks 20th.
China ranked 22nd and 20th in Innovation Performance and Innovation Environment, respectively.
“创新资源”排名第五位。2022年，中国研发经费投入约占全球的20.1%，稳居世界第二位；研发经费与国内生产总值之比达到2.49%（2024年提升至2.68%），排名第十四位；基础研究经费占全社会研发经费支出比重为6.57%（2024年提升至6.91%），排名第三十四位。“知识创造”排名第七位。中国高被引论文数占世界份额提升，排名保持世界第一位；中国有效发明专利数量达到335.1万件，位居世界首位；每万就业人员发明专利拥有量排名第八位；亿美元工业增加值工业设计注册申请量排名第一位。“企业创新”排名第九位。中国三方专利数量占全球总量的比重提高至10.4%，排名世界第三位；企业研发经费与工业增加值之比、企业研究人员占全社会研究人员比重分别排名第十八位和第十六位；知识产权使用费收入占服务业出口贸易比重排名第二十位. 此外，“创新绩效”和“创新环境”分别排名第二十二位、第二十位.
Page 10: Today, we have an article by Wang Yingjin, who is from the Institute of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era at the Renmin University of China, and the Director of the Cross-Strait Relations Research Center at the Renmin University of China. Wang attacks Lai Ching-te’s “green terror”. He accuses Lai of:
instrumentalising the judiciary to suppress political dissidents
abusing the recall system to attack the opposition party in an attempt to achieve ‘green dictatorship’
engaging in “green terror” and suppressing the freedom of speech of the people on the island. Wang argues that Lai’s goal is to create an environment wherein “as long as you express your opposition to ‘Taiwan independence’ secession and your recognition of cross-strait reunification on the island, you will face suppression and persecution.”
obstructing cross-strait exchanges and restricted the legitimate rights of the Taiwanese people
And in doing so, Wang argues that Lai is destroying Taiwan’s democracy. “This seriously goes against the historical trend and the mainstream public opinion on the island, and will inevitably be opposed and doomed to failure. Taiwan compatriots should open their eyes, recognise the serious harm that Lai Ching-te and the DPP authorities are doing to Taiwan and the people, and fight against their perverse actions in order to safeguard their own rights and interests and peace in the Taiwan Strait, and not let their conspiracy succeed.” ...这严重违背历史潮流，违背岛内主流民意，必遭反对，注定失败。广大台湾同胞应擦亮眼睛，认清赖清德和民进党当局害台祸民的严重危害，从维护自身权益和台海和平出发，同其的倒行逆施做斗争，不让其阴谋得逞。
All the talk was today accompanied by action as the PLA’s Eastern Theater Command launched drills around Taiwan. These “serve as a resolute punishment for Lai Ching-te authorities’ blatant ‘Taiwan independence’ provocations.” These are joint drills, with the army, navy, air and rocket forces closing in on the island from multiple directions.
“The exercises are also a stern warning to separatist forces attempting to undermine peace in the Taiwan Strait, and a necessary action to safeguard national sovereignty and territorial integrity, said Zhu Fenglian, a State Council Taiwan Affairs Office spokesperson. ‘“Taiwan independence” means war, and pursuing “Taiwan independence” means pushing the people of Taiwan into a perilous situation,’ Zhu said. Zhu stressed the mainland’s rock-solid determination and unshakable capability to resolve the Taiwan question and achieve national reunification. The mainland will neither tolerate nor leave any room for activities seeking ‘Taiwan independence,’ she said.”
According to a statement issued by the PLA’s Eastern Theatre Command, the patrols and exercises included simulated air and land strikes, as well as control of key passages to test the joint combat readiness of its troops…The drill is focused on combat readiness patrols, seizing comprehensive control, striking maritime and land targets, imposing blockades on key areas and routes, and aiming to test the joint operational capabilities of the theatre’s forces, he said. The Taiwanese national defence ministry said in a social media post on Tuesday morning that the Shandong aircraft carrier had been detected leading a group of PLA naval vessels in the Taiwanese “response zone” in the Taiwan Strait since Monday. The ministry said 19 naval ships from the mainland were observed operating near Taiwan on Tuesday, adding that no military aircraft were detected in the air space at that time. The ministry’s post said that mainland China “continues to escalate military activities in the Taiwan Strait and Indo-Pacific region, intensifying military threats, challenging the international order and regional stability, thereby becoming the greatest ‘troublemaker’ in the eyes of the international community”. The ministry also said that its armed forces adhered to the principle of “no escalation of conflict, no provocation of disputes”, adding that they were “responding prudently to grey-zone harassment”. The East China Sea branch of the Chinese mainland coastguard said on Tuesday that it had multiple vessel formations conducting law enforcement patrols in the waters around Taiwan. Coastguard spokesman Zhu Anqing said in the statement that the vessels were carrying out boarding and inspection, interception, and seizure drills.”
The report adds: “According to an image shared by CCTV, six coastguard vessel formations surrounded the island, with three of them positioned on the eastern side – an increase on the Joint Sword-2024B operation of October 2024, when four formations were deployed.”