R&D Spending at RMB 3.6 Trillion - Wang Huning on Governing Religious Groups - Press Briefing on Plan for Long-Term Capital Market Investments - Providing Legal Support for BRI
Here are the key reports and articles that I found noteworthy from the People’s Daily’s edition on Friday, January 24, 2025.
Page 1: There’s a report on Wang Huning’s comments during a meeting with religious personages. The report said:
Wang said that “it is necessary to adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, thoroughly implement the spirit of the 20th Party Congress and the Third Plenary Session of the 20th Central Committee, implement General Secretary Xi Jinping’s important expositions on religious work and the decisions and arrangements of the Party Central Committee on religious work, adhere to the direction of sinicisation of religion in China, strengthen the governance of religious affairs, build positive and healthy religious relations, and contribute to the promotion of Chinese-style modernisation. It is necessary to strengthen ideological and political guidance, promote the fine tradition of patriotism and love for religion, and guide religious circles and believers to enhance the ‘five identifications’. It is essential to systematically promote the sinicisation of religion in China, adhere to the guidance of the core socialist values and the immersion of Chinese culture, and gradually form religious doctrines and thoughts that conform to the characteristics of China’s national conditions. It is essential to strengthen law-based governance of religious affairs, promote religious circles and believers to enhance sense of national consciousness, civic consciousness, and legal consciousness, and ensure that their work is law-based and rule-guided. It is essential to continue to promote comprehensive and strict governance of religion, and improve the ability and level of self-education, self-management, and self-discipline of religious circles.”
他表示，要坚持以习近平新时代中国特色社会主义思想为指导，深入贯彻落实党的二十大和二十届三中全会精神，贯彻落实习近平总书记关于宗教工作的重要论述和党中央关于宗教工作的决策部署，坚持我国宗教中国化方向，加强宗教事务治理，构建积极健康的宗教关系，为推进中国式现代化贡献力量。要加强思想政治引领，弘扬爱国爱教优良传统，引导宗教界和信教群众增进“五个认同”。要系统推进我国宗教中国化，坚持社会主义核心价值观引领、中华文化浸润，逐步形成符合我国国情特点的宗教教义思想。要加强宗教事务治理法治化，推动宗教界和信教群众增强国家意识、公民意识、法治意识，做到工作有法可依、有章可循。要持续推进全面从严治教，提升宗教界自我教育、自我管理、自我约束能力和水平。
Also on the page is a report (English report) on China’s total R&D spending for 2024, which exceeded 3.6 trillion yuan (about $500 billion) in 2024, up 8.3 percent year on year. This accounted for 2.68 percent of China’s GDP in 2024, up 0.1 percentage points from the previous year. Investment in basic research climbed 10.5 percent last year from 2023 to 249.7 billion yuan, representing 6.91 percent of the total R&D spending.
One of the lead reports (English report) on the page is about the awarding of medals to Chinese astronauts Ye Guangfu, Li Cong and Li Guangsu. Ye Guangfu was honored with a second-class aerospace achievement medal, while Li Cong and Li Guangsu received third-class aerospace achievement medals and the honorary title of ‘heroic astronauts’.
Page 2: There’s a report based on the presser by officials from the CSRC, PBOC, Ministry of Finance and other departments discussing the new Implementation Plan for Promoting Medium and Long-term Capital Market Investment. I am only covering the key highlights from the PD report. But you can find a detailed breakdown of the presser on the Inside China newsletter.
Wu Qing, chairman of the China Securities Regulatory Commission, said that:
The tradable market value of A-shares held by public funds should increase by at least 10% each year in the next three years. 公募基金持有A股流通市值未来三年每年至少增长10%. FYI: “In recent years, the total scale of the public fund industry has increased from 13 trillion yuan in 2019 to 33 trillion yuan at the end of last year.” 近年来，公募基金行业总规模从2019年的13万亿元增长到去年底的33万亿元。
Starting this year, large state-owned insurance companies are being encouraged to strive to invest 30% of the annual new premium income in A-shares. ‘This means that A-shares will gain at least hundreds of billions of yuan in long-term funds each year’. 力争大型国有保险公司从2025年起每年新增保费的30%用于投资A股，“这也意味着将每年至少为A股新增几千亿元的长期资金。”吴清表示. At present, the amount of insurance funds invested in stocks and equity funds has exceeded 4.4 trillion yuan…the investment in stocks and equity funds accounts for 12%, and the investment in equity of unlisted companies accounts for 9%. 目前，保险资金投资股票和权益类基金的金额已超4.4万亿元。从保险资金运用看，资本市场和未上市企业股权是主要的投资方向，目前股票和权益类基金投资占比是12%，未上市企业股权投资占比是9%.
The second batch of insurance funds’ long-term stock investment pilot programme will be implemented in the first half of 2025, with a scale of no less than 100 billion yuan, and will be gradually expanded in the future. 除此之外，吴清透露，第二批保险资金的长期股票投资试点将在2025年上半年落实到位，规模不低于1000亿元，后续还将逐步扩大.
In order to support the stable development of the capital market, the PBOC has innovatively established two tools: the securities, fund, and insurance company swap facility, and the stock buyback and increased holding re-lending facility. The policy aims to enhance the financing and investment capabilities of listed companies and industry institutions, supporting these entities in better performing their roles in market value management and maintaining market stability. Zou Lan, member of the Party Committee of the PBOC, said that the implementation of these two tools has been smooth, and the securities, funds and insurance companies swap facility has carried out two operations with a total amount of 105 billion yuan; with the support of the stock buyback and increased holding re-lending facility, more than 300 listed companies have publicly disclosed their intention to apply for stock repurchase and increased holding loans, with an upper limit exceeding 60 billion yuan. 中国人民银行为支持资本市场稳定发展，创新设立了两项工具，即证券、基金、保险公司互换便利以及股票回购增持再贷款，以提升上市公司和行业机构的融资能力和投资能力为政策目标，支持这些机构更好发挥市值管理和维护市场稳定的作用。中国人民银行党委委员邹澜介绍，这两项工具实施进展顺利，证券、基金、保险公司互换便利已开展两次操作，合计金额1050亿元；在股票回购增持再贷款支持下，已有超300家上市公司公开披露了打算申请股票的回购增持贷款，金额上限超600亿元.
Page 3: There’s a brief report (English report) on Yang Wanming, president of the Chinese People’s Association for Friendship with Foreign Countries, visiting Algeria, Tunisia and Cote d'Ivoire.
Page 11: There’s a report with data from the Ministry of Justice informing that currently, Chinese law firms have established 207 branches in 37 countries and regions, including 73 branches in countries and regions involved in the Belt and Road Initiative. The number of foreign-related lawyers has exceeded 12,000. Parties involved in foreign-related arbitration cases now span over 100 countries and regions worldwide. 近年来我国涉外法律服务水平加快提升，目前中国律师事务所已在37个国家和地区设立207家分支机构，其中在相关共建“一带一路”国家和地区设立了73家分支机构，涉外律师人数达到1.2万余人。涉外仲裁案件当事人已涵盖全球100多个国家和地区.
The report also talks about the establishment of a Belt and Road Lawyers Alliance and the nature of cases being settled. One example given is that of the work of the Guangzhou Arbitration Commission. The report talks about its global impact.
“Today, the Guangzhou Arbitration Commission has signed agreements with 59 overseas arbitration and mediation institutions in BRI countries and regions, such as Singapore, Hungary, and Brazil, to recognise and promote the ‘Guangzhou Standard’. This standard has now been recognised and promoted by more than 10 arbitration institutions and organizations both domestically and internationally.” 如今，广州仲裁委已与新加坡、匈牙利、巴西等共建“一带一路”国家和地区的59家境外仲裁调解机构签约认可并推广“广州标准”，目前已为境内外10余家仲裁机构和组织认可并推广.
The report also talks about the Qianhai Belt and Road Legal Services Federation. This is primarily composed of Chinese-speaking lawyers and connects with overseas international legal service institutions, strengthening cross-national and cross-jurisdictional legal service exchanges and cooperation. Currently, the Federation has integrated resources of over 2,000 Chinese-speaking lawyers from more than 100 countries and regions worldwide, achieving near-comprehensive coverage across BRI countries and regions. The Federation has also built the ‘Global Legal Services Access’ information platform based on Chinese-speaking lawyer resources, creating a new supply chain for international legal services. 在深圳前海，前海“一带一路”法律服务联合会以华语律师为主体，积极链接海外国际法律服务机构，强化多国别、跨法域的法律服务交流合作。目前联合会已整合全球100多个国家和地区2000余名华语律师资源，基本实现共建“一带一路”国家和地区全覆盖。联合会还依托华语律师资源搭建“法律服务全球通”信息化平台，构建国际法律服务全新供应链条.