Reviews of Xi's Mideast Trip - Ren Ping Article: Setbacks haven't Hurt Endogenous Power of China's Economy - China-ROK FM's Meeting - Xie Feng Meets US Diplomats - Yi Gang on China's Financial Sector

Dec 13, 2022

Here are the stories and pieces that I found noteworthy in the Tuesday, December 13, 2022, edition of the People’s Daily.

Page 1: At the top of the page is an article reviewing Xi’s visit to Saudi Arabia. The first part offers a poetic prelude to the praise that follows.

“With the dawn of a mild winter, the desert oasis of Riyadh welcomed the long-awaited rain, while ushering in an epoch-making moment in the history of China-Arab relations. From December 7 to 10, President Xi Jinping was invited to attend the first China-Arab States Summit and the China-Gulf Cooperation Council Summit held in Riyadh, the capital of Saudi Arabia, and paid a state visit to Saudi Arabia. Flying over the mountains and blue seas, and across the long river of desert, President Xi Jinping's special plane took more than 10 hours to reach the Arabian Peninsula on the afternoon of the 7th local time…” 转入温和的冬季，沙漠绿洲利雅得迎来期盼已久的喜雨，也迎来中国同阿拉伯国家关系史上一个划时代的时刻。12月7日至10日，习近平主席应邀出席在沙特阿拉伯首都利雅得举行的首届中国—阿拉伯国家峰会、中国—海湾阿拉伯国家合作委员会峰会并对沙特进行国事访问。飞越高山碧海、大漠长河，习近平主席乘坐的专机历经10个多小时，当地时间7日下午飞抵阿拉伯半岛.

Then the piece talks about the pomp and circumstance around Xi’s arrival, which I had covered in an earlier edition of the newsletter. It also says that prior to Xi’s arrival, local news media had been expressing the “Arab countries’ eagerness” for President Xi Jinping’s visit and a “strong desire to strengthen China-Arab cooperation.” It adds that the China-Arab states summit was “another successful practice of major-country diplomacy with Chinese characteristics” and “a new milestone in the history of exchanges between China and Arab countries.”

The second section of the article talks about the China-Arab states summit. There’s a whole lot of nothing said, with the article offering a vivid description of the meeting. It says that the talks took place in a “friendly and warm” atmosphere. It outlines brief points from Xi’s speech. Then we get this brief history of cooperation:

“In 1955, the Bandung Conference opened the door for the establishment of diplomatic relations between China and Arab States. In 1971, the proposal put forward by Algeria and other countries was overwhelmingly adopted by the UNGA, with 76 countries including 13 Arab states, voting for it, thereby restoring the PRC’s lawful seat in the United Nations. When COVID-19 hit, the Chinese and Arab people stood together and helped each other through thick and thin, setting a good example for global cooperation against COVID-19 ... The timeless classic moments in the history of international relations have become vivid depictions of the shared destiny between China and Arab countries.” 1955年，万隆会议开启中阿建交的大门；1971年，阿尔及利亚等国提出的“两阿提案”在联合国大会以压倒多数通过，包括13个阿拉伯国家在内的76国投了赞成票，中华人民共和国由此恢复在联合国的合法席位；新冠肺炎疫情来袭，中阿人民风雨同舟、守望相助，为全球抗疫合作树立典范……国际关系史上一个个永恒经典瞬间，成为中阿命运与共的生动写照.

After this, there’s an extract from Xi’s article in local media. Then we get Xi’s four pathways for building the community of shared destiny between China and Arab states. This, the piece says, was appreciated by Arab leaders

adhere to independence and self-reliance and safeguard common interests
focus on economic development and promote win-win cooperation
maintain regional peace and achieve common security
strengthen civilisation exchanges and enhance understanding and trust

“坚持独立自主，维护共同利益”“聚焦经济发展，促进合作共赢”“维护地区和平，实现共同安全”“加强文明交流，增进理解信任”，峰会上，习近平主席提出构建更加紧密的中阿命运共同体四大路径，得到与会阿方领导人广泛认同.

The piece then says that the meeting led to three outcome documents.

The Riyadh Declaration.
The Outline of the Comprehensive Cooperation Plan Between the People’s Republic of China and Arab States – this details cooperation plans across 18 fields, including politics, economy, trade, investment, and finance
A document on Deepening the Sino-Arab Strategic Partnership for Peace and Development — this includes an agreement to deepen China-Arab strategic partnership, advocate multilateralism, strengthen cooperation within the BRI framework, and strengthen the construction of China-Arab Cooperation Forum

The section ends with another poetic bit, talking about the summit logo. It says that this represents two symmetrical doors - green and red - with a beam of light breaking through the small gap between them, “symbolising the bright future of China-Arab cooperation.” 会谈厅内外，由分别代表中国的红色图案和代表阿拉伯国家的绿色图案构成的峰会会标随处可见：宛如左右对称、微微开启两扇大门，一束亮光从门缝中间透射进来，寓意中阿合作光明未来，令人向往.

The next section begins with talking about the World Cup in Qatar, with Xi congratulating the Qatari Emir on hosting the event. The Emir talked about Chinese companies being engaged in construction of the stadiums, including the one where the final will be held. Then the report gets to Xi’s bilateral meetings, where he caught up with “old friends.”

“The morning of the 8th was a state visit to Saudi Arabia. In the following nearly 30 hours, President Xi Jinping met with 16 leaders of Arab countries who came to attend the China-Arab Summit.” 8日上午是访问沙特的国事活动，在随后近30个小时的时间里，习近平主席接连会见16位前来出席中阿峰会的阿拉伯国家领导人. Given this pace, we get a comment from a local staffer saying: “"President Xi of China is really too busy!" 中国的习主席真是太忙了!

Then we get an example of why all this talk from Beijing about all countries being equal is hypocritical.

“Your Excellency, Mr. President, thank you for meeting with me. I know your schedule is very full … When meeting President Xi Jinping, the first thing that Mauritanian President Mohamed Ould Ghazouani said was “thank you.” “尊敬的主席阁下，感谢您同我会见，我知道您的日程非常满……”见到习近平主席时，毛里塔尼亚总统加兹瓦尼首先讲的就是“感谢”.

The article adds that many leaders congratulated Xi on the 20th Party Congress, even saying that “I believe that under the wise leadership of President Xi Jinping, China will continue to develop and complete the realisation of the mission of the great rejuvenation of the nation” “相信在习近平主席英明领导下，中国将持续发展并完成实现中华民族伟大复兴的使命”.

The article adds: “As China embarks on a new journey of comprehensively building a modern socialist country, the prospects and opportunities for development presented by it, as well as the continuity and stability of its domestic and foreign policies, have all the more strengthened the strategic choice of Arab states to ‘look east’.” 踏上全面建设社会主义现代化国家新征程的中国，所呈现的发展前景和发展机遇，所展现的内外政策连续性和稳定性，更加坚定了阿拉伯国家“向东看”的战略抉择.

Tunisia’s president told Xi that more youth in the country are learning Chinese, because “they believe that China will play a more important role in the world”; Bahrain’s king said that “young people in Bahrain love and yearn for China and believe that China is the future.” In this context, the article references the 14th Annual ASDA’A BCW Arab Youth Survey from September 2022, which found that 78% of Arab youth say that China is either a strong ally or somewhat of an ally of their country. 突尼斯总统赛义德告诉习近平主席，越来越多的突尼斯青年开始学习中文，因为他们相信中国将在国际上发挥更加重要的作用。巴林国王哈马德说，巴林年轻人喜爱中国、向往中国，相信中国就是未来。这些不禁让人想起近来公布的国际民调结果：78%的阿拉伯青年认为中国是自己国家的伙伴，中国已成为“最受阿拉伯世界欢迎的国家”.

“Some Western politicians interpret the growing proximity between China and Arab countries from the narrow perspective of the ‘theory of a power vacuum in the Middle East' and the game between great powers. But Jordanian scholar Samir Ahmed expressed the sober thinking of the Arab world: Arab renaissance should actively learn from China's development experience and realise the advancement of its own civilisation by following the path of China's rejuvenation.” 一些西方政客从大国博弈、“中东权力真空论”的狭隘视角解读中阿的彼此走近。约旦学者萨米尔·艾哈迈德道出了阿拉伯世界的清醒思考：阿拉伯复兴事业应积极借鉴中国发展经验，通过追随中国的复兴之路，实现自身文明的推进. — This is important to note because Beijing is clearly not looking to replace the US as the primary security actor in the region. Its engagement is primarily economic but also much more multifaceted, while trying to minimise security entanglements and costs.

The section ends by talking about the 8 major actions and sharing of development opportunities.

The final section talks briefly about the China-Saudi Arabia relationship and the China-GCC meeting. It lists three keywords for China’s cooperation with Arab states:

‘firm support’, based on safeguarding each other's core interests. 第一个关键词“坚定支持”，立足维护彼此核心利益.
‘solidarity and cooperation’, based on strengthening cooperation among developing countries The second keyword "unity and cooperation" is based on strengthening cooperation among developing countries
‘beauty and sharing’, based on promoting the progress of human civilisation. 第三个关键词“美美与共”，立足推动人类文明进步.

The other top story on the page is on Xi’s remarks regarding the protection of intangible cultural heritage. Xinhua says: “He urged solid efforts in advancing the systematic protection of intangible cultural heritage, and called for better meeting people's ever-growing intellectual and cultural needs as well as building cultural confidence and strength. He emphasised the need to promote the creative transformation and development of the best of traditional Chinese culture, enhance the cohesion of the Chinese nation and the appeal of Chinese culture, deepen exchanges and mutual learning with other civilisations, better tell the stories of China's fine traditional culture and better present Chinese culture to the world.”

‘Being pragmatic’ is one of the characteristics of the relationship between China and Saudi Arabia. 而“落在实处”正是两国关系的特点之一。
When Xi received his honorary doctorate, he was told: “China occupies a pivotal position in the world economic landscape and is a model for people of all countries who aspire to progress and prosperity. None of this is possible without the leadership of a leader with strategic vision and foresight” 王宫办公厅典礼厅，博士学位授予仪式在此进行。沙方一席热情洋溢的致辞，讲述的正是沙特眼中的今日中国：“中国在世界经济格局中占有举足轻重的地位，是渴望进步与繁荣的各国人民向往的楷模。如果没有一个有战略眼光和远见卓识的领导人加以引领，这些都无从谈起.”
Xi told MBS that: “Saudi Arabia is an important member of the Arab world and the Islamic world, an important independent force in the multi-polar world, and an important strategic partner of China in the Middle East.”
“Mutual trust is the cornerstone” 互信是基石 and “cooperation is the bond” 合作是纽带 for the two sides…when the two countries established diplomatic relations in 1990, the bilateral trade volume was about $500 million; in 2000 it jumped to about $3 billion; in 2021 it reached $87.31 billion. In the first 10 months of 2022, the trade volume between the two countries has reached$97 billion, a year-on-year increase of 37.4%. 　　沙特通讯社用了一组数据来佐证：1990年两国建交时，双边贸易额约为5亿美元；2000年跃升至约30亿美元；2021年达873.1亿美元。而2022年前十个月，两国贸易额达970亿美元，同比增长37.4%.

Next, there’s a long piece on Xi’s emphasis and personal attention to a 17-year-long national project of compiling paintings from previous Chinese dynasties. This will be completed by the end of 2022, the article says.

Next, there’s a report on Li Keqiang’s comments at the third China-ROK Entrepreneurs and Former High-level Officials Dialogue. Xinhua says:

“Noting that the two countries celebrated the 30th anniversary of the establishment of diplomatic relations not long ago, Li said that China and the ROK are inseparable partners. China is ready to work with the ROK to uphold a good neighborly friendship, mutual respect and equal treatment, and to promote the sound and steady development of bilateral ties, leveraging their complementary strengths and deepening cooperation in fields such as high-tech manufacturing, the green economy and big data, Li said. The two sides should strive to conclude the second phase of China-ROK free trade agreement negotiations at an early date, and jointly maintain the stability and smooth flows of regional and global industrial and supply chains, Li added. Li said that opening-up brings progress, promotes development and stimulates innovation. China remains committed to its basic state policy of opening-up, and will open its domestic market further, protect the rights and interests of foreign investors, foster a market-based and law-based international business environment, and encourage fair competition among all types of enterprises.”

Next, there’s a report on Li Xi’s comments at the 16th national congress of the China Zhi Gong Party. Li said that the “past five years have been extremely unusual and extraordinary” and “under the strong leadership of the Central Committee of the Communist Party of China with Comrade Xi Jinping at its core, the cause of the party and the country has achieved major achievements that have attracted worldwide attention, and the united front and multi-party cooperation have shown a good situation of vigorous development.”

He praised the China Zhi Gong Party for having followed the major decisions and deployments of the Central Committee of the Communist Party of China, and making contributions regarding dual circulation, carbon peak and neutrality, carrying out democratic supervision with regard to poverty alleviation in Sichuan and ecological environment protection along the Yangtze River in Anhui, COVID-19 containment, etc.

He added that the CCP “will follow the spirit of the 20th Party Congress, unswervingly develop whole-process people’s democracy, uphold and improve the multi-party cooperation and political consultation system led by the CCP, adhere to the organic combination of party leadership, the united front, and consultative democracy…” He also hoped that the China Zhi Gong Party “will thoroughly study and implement the spirit of the 20th National Congress of the Communist Party of China and the spirit of the Central United Front Work Conference, conscientiously implement General Secretary Xi Jinping's important thoughts on doing a good job in the party's united front work in the new era…” 希望致公党深入学习贯彻中共二十大精神以及中央统战工作会议精神，认真贯彻习近平总书记关于做好新时代党的统一战线工作的重要思想，充分发挥“侨”“海”特色，继承“致力为公”传统，勇担“侨海报国”使命，为全面建成社会主义现代化强国、实现第二个百年奋斗目标，以中国式现代化全面推进中华民族伟大复兴贡献更多智慧和力量.

Next, there’s a brief report on the new regulations on “Several Issues Concerning the Implementation of the Criminal Procedure Law of the People’s Republic of China in the Armed Forces.” The regulations discuss specific provisions for subjects of criminal cases, issues related to jurisdiction, rules of evidence, compulsory measures, prosecution and trial, execution of penalty, special procedures, etc., providing the basic framework for military political and legal departments to handle cases.

Finally, there’s a report on a notice on strengthening archive management regarding serious and major incidents. Xinhua says:

“The archives of serious and major incidents are valuable records of the country's response to emergencies such as natural disasters, accidents, and public health and social security incidents, according to the circular released by the general offices of the Communist Party of China Central Committee and the State Council. The proper collection, preservation, and utilization of those archives have significant meaning for learning lessons from the past, maintaining national security and the public interest, and advancing the modernization of the state governance system and capacity, said the circular. The circular stressed the need to fully observe the law and relevant regulations on archives, improve the working system for archive management for serious and major incidents, and adopt modern technologies to better consolidate such resources. To further promote the utilization of the files, the circular asked for greater coordination, a simplified use process, and unblocked searching systems across regions, departments, and levels.”

Page 2: There’s a long Ren Ping article on the Chinese economy, which praises Xi’s leadership. It says:

“At present, changes in the world, times and history are unfolding in an unprecedented way, posing challenges to mankind that must be taken seriously. Looking around at the world, the challenges presented by the COVID-19 pandemic are intertwined and those presented by the Ukraine crisis, resulting in the world economy entering a stage of high inflation, high interest rates, high debt, high costs and low growth. Across China, the triple pressures of demand contraction, supply shock and weakening expectations are persisting; unexpected factors that exceed expectations have brought serious impacts; and over the course of this year, the downward pressure on the economy has increased significantly. Faced with the major test, the whole country responded calmly and in unison, stabilising the macro economy.” 当前，世界之变、时代之变、历史之变正以前所未有的方式展开，给人类提出了必须严肃对待的挑战。放眼寰球，新冠疫情叠加乌克兰危机，世界经济正迈入高通胀、高利率、高债务、高成本、低增长阶段，重重阴霾笼罩全球。纵观国内，需求收缩、供给冲击、预期转弱三重压力持续显现，超预期突发因素带来严重冲击，今年以来经济下行压力明显增大。——面对大战大考，全国上下沉着应对，步调一致，稳住了宏观经济大盘.

The piece talks about the containment effort and opening of Shanghai from April to June, focussing more on the opening in June. Xi is quoted as saying that: “We must maintain strategic focus, persist in making progress while maintaining stability, coordinate epidemic prevention and control and economic and social development, take more effective measures, strive to achieve maximum effect with minimum cost, and minimise the impact of the epidemic on economic and social development.” 习近平总书记强调：“要保持战略定力，坚持稳中求进，统筹好疫情防控和经济社会发展，采取更加有效措施，努力用最小的代价实现最大的防控效果，最大限度减少疫情对经济社会发展的影响.”

The author then talks about instructions from Xi throughout the year. These are pointing out the five strategic paths and five strategic advantages; clarifying that food security is 国之大者; to calling for consolidating the domestic energy production base and ensuring coal supply; the epidemic must be prevented, the economy must be stabilised, and development must be secure; and support for people’s livelihood…General Secretary Xi Jinping is far-sighted, assesses the situation, and has led the whole party and the people of all ethnic groups to work together to overcome difficulties. 从提出“五个必由之路”，到阐释“五个战略性有利条件”；从明确“粮食安全是‘国之大者’”，到要求“夯实国内能源生产基础，保障煤炭供应安全”；从强调“疫情要防住、经济要稳住、发展要安全”，到叮嘱“为人民生活安康托底”……习近平总书记高瞻远瞩、审时度势，引领全党全国各族人民勠力同心、攻坚克难.

In this context, the article mentions the 33 economic measures that were announced earlier this year, acceleration of the construction of a unified national market, implementing tax refunds, and doing a good job graduate employment. Under the strong leadership of the CPC Central Committee with comrade Xi Jinping at its core, all regions and departments have coordinated epidemic prevention and control with economic and social development and development with security, prioritised stability and sought progress while maintaining stability, combined phased measures with institutional arrangements, ensured inclusive, fair and targeted support, and the forward-looking, coordinated, precise and effective policies; various policies have been advanced that are coordinated, precise and effective, forming a joint force, which has resulted in China's economy generally recovering and ensuring the effective security of people’s livelihood security. 出台33项政策聚焦扎实稳住经济，加快建设全国统一大市场，实施存量和增量全额留抵退税，做好高校毕业生城乡基层就业岗位发布……在以习近平同志为核心的党中央坚强领导下，各地区各部门各方面切实统筹疫情防控和经济社会发展，统筹发展和安全，坚持稳字当头、稳中求进，阶段性措施与制度性安排结合，普惠公平与精准支持配合，各项政策靠前发力、协同出力、精准有力、形成合力，中国经济总体恢复向好，民生保障有力有效.

Crossing the rapids, crossing the rough seas, crossing the dangerous beaches, and breaking through the difficulties, China's economy, which has been honed for a long time, has weathered the storm and stood up in adversity. The most fundamental reason for this lies in the strong leadership of the Party Central Committee with Comrade Xi Jinping at its core, and in the scientific guidance of Xi Jinping Thought on socialism with Chinese characteristics for a new era. 越激流，穿骇浪，过险滩，闯难关，久经磨砺的中国经济于风雨中笃行，在逆境中奋起，最根本的原因在于有以习近平同志为核心的党中央坚强领导，在于有习近平新时代中国特色社会主义思想科学指引.

It adds that the Chinese economy has made progress amid the tests that it has faced. The foundation of ‘stability’ is more solid, and the momentum for ‘progress’ is stronger. It adds that to understand the Chinese economy, one must not merely look at the changes in data but the broader developmental accumulation potential; one must not merely look at short-term profit and loss but the endogenous power within. ——面对压力测试，中国经济经受考验，稳中有进，“稳”的基础更扎实，“进”的动能更强劲。观察中国经济，既要看数据变动之“形”，更要观发展积蓄之“势”；既要看短期损益的“表”，更要察内生动力的“里”.

It adds that from an objective perspective, the Chinese economy remains stable and the main indicators are generally positive, and it holds well when compared to other countries. 客观看，中国经济之“稳”没有改变，主要指标总体向好，国际比较更添信心.

The examples given are:

Despite the weather and COVID-19 related challenges, this year's summer grain output was 294.8 billion jin (147 million tons), an increase of 2.87 billion jin over the previous year, and the early rice output was 56.25 billion jin, an increase of 210 million jin.
China's largest LNG reserve base has been put into operation; new reserves of shale gas exceeding 100 billion cubic metres have been found in the Sichuan Basin and the annual crude oil output of Tarim Oilfield reaching a record high
China's centralised power plants have maintained coal storage at more than 170 million tons; the refined oil stocks of major oil and gas enterprises have been maintained at a high level, and natural gas storage tanks are at a high level.
While inflation in the US and Europe at record levels, in China, consumer prices rose by 2.0% year-on-year, and prices remained generally stable.

我们克服去年北方罕见秋雨秋汛、冬小麦大面积晚播、局地发生新冠疫情影响，应对南方局部严重高温干旱挑战，推动夏粮增产28.7亿斤、早稻增产2.1亿斤，秋粮喜获丰收，农业基本盘更加稳固。我国规模最大的液化天然气储备基地实现投产，四川盆地新探明超千亿立方米页岩气田，塔里木油田年产原油创历史新高。在全球能源供给紧张的环境下，我国统调电厂存煤保持在1.7亿吨以上，主要油气企业成品油库存保持高位运行、天然气管存罐存处在高位水平。在美欧通胀水平突破历史纪录时，今年前三季度我国居民消费价格同比上涨2.0%，物价保持总体稳定.

It adds that while on the surface China’s economy appears to have suffered setbacks/losses, the impact is a phase, short-term and external, it has not hurt the root of the endogenous power/internal driving force of the economy. At present, there are more than 640 million confirmed cases of COVID-19 around the world, including more than 6.62 million deaths. China is the country with the lowest incidence rate and the lowest death toll from COVID-19 among the major powers in the world. The epidemic will inevitably have an impact on the economic operation, but with the foundation of ‘the safety of people’s health and lives,’ we can better achieve the goals of economic growth, cultural prosperity and social stability. The latest data shows that in October, the added value of industrial enterprises above designated size increased by 5.0% year-on-year, 0.2 percentage points faster than that of the third quarter; in the first 10 months, the total import and export value of China’s general trade increased by 13.3% year-on-year, maintaining a double-digit growth; in the third quarter, GDP increased by 3.9% year-on-year, 3.5 percentage points faster than that in the second quarter; the foundation of stabilisation and upward trend has been continuously consolidated. 辩证看，中国经济之“表”虽有损失，但影响是阶段性的、短期的、外在的，并未伤及内生动力根本。截至目前，全球累计新冠确诊病例超6.4亿例，其中死亡病例逾662万例，中国是世界主要大国中新冠发病率最低、死亡人数最少的国家。疫情不可避免对经济运行带来冲击，但有了“人民生命健康安全”这个基础，才能更好实现经济增长、文化繁荣、社会稳定等目标。最新数据显示：10月，全国规模以上工业增加值同比增长5.0%，比三季度加快0.2个百分点；前10月，我国一般贸易进出口总值同比增长13.3%，保持两位数增长；三季度，GDP同比增长3.9%，比二季度加快3.5个百分点，回稳向上基础不断得到巩固.

On the whole, the Chinese economy is moving forward with strong momentum and high-quality development is moving fast and steadily. In this regard, it talks about the Shenzhou-15 mission, the Deep Sea 1 gas field, and the submersible Striver as examples of innovation. It talks about high-tech manufacturing and NEVs and says that the growth rate in the profits of equipment manufacturing industry in the first 10 months was 2.6 percentage points faster than that in January to September, highlighting the momentum of industrial upgrading; in the first three quarters, the per capita disposable income of the people in the country increased by 3.2%, 0.2 percentage points faster than that of the first half of the year, and the ratio of per capita income of urban and rural residents decreased compared with the same period of the previous year, showing the improvement in people's livelihood. 全面看，中国经济之“进”动能充沛，高质量发展蹄疾步稳。神舟十五号成功发射，“嫦娥四号”牧星耕月，“天舟五号”太空速递，“深海一号”昼夜通明，“奋斗者号”万米深潜，大国重器创新发展、勇攀高峰，浓缩动力转换之“进”；三季度，高技术制造业增加值增速高于全国规上工业1.9个百分点，新能源汽车产量同比增长1.13倍，较二季度加快20.8个百分点，新技术新产品新业态持续壮大，前10月装备制造业利润同比增速较1至9月加快2.6个百分点，彰显产业升级之“进”；前三季度，全国居民人均可支配收入实际增长3.2%，比上半年加快0.2个百分点，城乡居民人均收入比值比上年同期缩小，展现民生改善之“进”.

The second section talks about another reason for the Chinese economy overcoming the storms that it has encountered. “The Chinese economy is an ocean, not a small pond,” as Xi once said. Storms can overturn a small pond, but it can't overturn the sea. After countless storms, the sea is still there!” “中国经济是一片大海，而不是一个小池塘。”习近平总书记的话语铿锵有力，“狂风骤雨可以掀翻小池塘，但不能掀翻大海。经历了无数次狂风骤雨，大海依旧在那儿!”

The author hails the Chinese economy’s spectacular size and great potential. With a combined economic output of more than 114 trillion yuan, it is a giant ship in the sea of the world economy, with deep draft and steady navigation. With a population of over 1.4 billion, a labour force of over 900 million, a total skilled human resource of 220 million, and an urbanisation rate of 64.7%, such a large market capacity, such a substantial talent dividend, and such broad investment space have created a huge ‘magnet effect’.” 　　这就是中国经济，体量壮观潜力大。经济总量超过114万亿元，堪称世界经济大海中的巨轮，吃水深、航行稳。逾14亿人口、9亿多劳动力、2.2亿人才资源总量、64.7%的常住人口城镇化率，如此规模的市场容量、如此厚实的人才红利、如此广阔的投资空间，形成了巨大“磁石效应”....The Financial Times has reported that many international investment banks are pushing ahead with ambitious business expansion plans in Shanghai, and their strategies will not change due to the coronavirus outbreak. 英国《金融时报》报道，多家国际投行正在上海推进雄心勃勃的业务扩张计划，其策略不会因当前的新冠疫情而改变.

The argument for China being strong, resilient and vibrant continues along these lines, basically asking everyone to look beyond the immediate and focus on the essence.

The next section says that development is the central task, the first task and the priority. Development is placed in an extremely important position in the new era and new journey. Without a solid material and technological foundation, it is impossible to build a powerful modern socialist country in all respects. Development must be high-quality development. It is necessary to fully, accurately, and comprehensively implement the new development concept, adhere to the direction of socialist market economic reform, adhere to high-level opening up, and accelerate the construction of a new development pattern with the domestic cycle as the main body and the domestic and international circulations promoting each other.　中心任务、首要任务、第一要务。发展，摆在新时代新征程极为重要位置。没有坚实的物质技术基础，就不可能全面建成社会主义现代化强国. 　发展必须是高质量发展。必须完整、准确、全面贯彻新发展理念，坚持社会主义市场经济改革方向，坚持高水平对外开放，加快构建以国内大循环为主体、国内国际双循环相互促进的新发展格局.

Then the article talks about specific areas:

Innovation: In the past ten years, China’s R&D investment intensity has increased from 1.91% of GDP to 2.44% of GDP. China’s ranking in the global innovation index has risen from 34th to 11th (in 2022). The number of patent applications received by the European Patent Office from China alone has increased by fourfold. Significant progress has been made in frontier fields such as manned spaceflight, deep-sea and deep-earth exploration, and quantum information. The application of emerging technologies such as supercomputers, new energy technologies, and biomedicine is accelerating. Self-reliance and self-improvement in science and technology is the foundation of national prosperity and the key to security. Taking innovation as the primary driving force for development, placing scientific and technological innovation at the core of the country's overall development, and giving full play to the advantages of the new national system, every city, every technology company, and every scientific research worker are working hard and striving hard…
Coordinated Development: “In 10 years, China’s urbanisation rate has risen from 53.1% to 64.7%, and the ratio of per capita disposable income of urban and rural residents has dropped from 2.88:1 to 2.5:1. Since the beginning of this year, the ‘annual task list’ has been comprehensively promoted for rural revitalisation, and the ‘action roadmap’ for accelerating the construction of a unified national market has been laid out…” The author then mentions the development of the Beijing-Tianjin-Hebei region, the Yangtze River Delta and Guangdong-Hong Kong-Macao Greater Bay Area… “Focus on the outstanding problem of unbalanced and insufficient development, strengthen top-level design, and focus on system promotion…
Green Development: In the past 10 years, the carbon dioxide emissions per unit of GDP have dropped by about 34%, and the installed capacity of ‘green electricity,’ such as wind power and solar power generation and the production and sales of NEVs rank first in the world… Do a good job in the construction of ecological civilisation, which is the fundamental plan for the sustainable development of the Chinese nation, and constantly address the problem of harmony between man and nature…
Openness: This talks about the presence of FTZs, Hainan Free Trade Port, reduction in the negative list of foreign investment, CIIE, fairs and expos and the BRI. It adds: regardless of the changes in the external environment, China's confidence and commitment to reform and opening-up remain unchanged…We have built a series of new highlands and experimental fields for opening-up, and formed a new pattern of all-round and high-level opening-up. With the magnetic force of opening up being released continuously, China will continue to be one of the most attractive foreign investment destinations in the world. 我们打造了一系列对外开放的新高地、试验田，形成了全方位、高水平对外开放的新格局，开放磁力持续释放，中国将持续成为全球最具吸引力的外国投资目的地之一.
Shared Development: This talks about the elimination of absolute poverty, the building of the world’s largest education system, social security system, medical and health system, and the increase in average life expectancy from 75.4 to 78.2 years over the past 10 years. It also talks about the middle class expanding from 1/4th of the population to 1/3 over the past decade. People's wallets are bulging, and their days are beautiful (人们的钱包鼓起来，日子美起来). Development is for the people, glory belongs to the people, and strength comes from the people…the confidence and support of the people is the strength of our country to forge ahead. 发展为了人民，光荣归于人民，力量源自人民...人民的信心和支持就是我们国家奋进的力量.

今日中国，创新发展活力迸发。十年间，我国研发投入强度由1.91%提高到2.44%，全球创新指数的排名由第三十四位上升到第十一位（2022年），仅欧洲专利局收到来自中国的专利申请数量就增长了4倍，载人航天、深海深地探测、量子信息等前沿领域“千里马”奋蹄驰骋，超级计算机、新能源技术、生物医药等新兴技术“应用场”加速落地……科技自立自强是国家强盛之基、安全之要。把创新作为引领发展的第一动力，把科技创新摆在国家发展全局的核心位置，发挥新型举国体制优势，每一座城市、每一家科技企业、每一位科研工作者都在踔厉奋发、奋起直追，誓把科技的命脉牢牢掌握在自己手中。正如英国《经济学人》周刊网站报道：“中国的战略可以理解为一种重大判断，即中国在下一个十年将成为世界创新中心。”今日中国，协调发展步履铿锵。十年间，我国的城镇化率由53.1%上升到64.7%，城乡居民人均可支配收入之比由2.88∶1降低到2.5∶1。今年以来，全面推进乡村振兴列出“年度任务单”，加快建设全国统一大市场铺展“行动路线图”，京津冀协同发展抓住“牛鼻子”，长三角一体化发展驶入“快车道”，粤港澳大湾区建设喜获“新利好”……紧盯发展不平衡不充分这个突出问题，加强顶层设计，注重系统推动，“瓣瓣不同，却瓣瓣同心”的协调之花次第绽放，不平衡、不充分的“发展落差”凝聚为竞相奔涌的“追赶势能”。今日中国，绿色发展底色亮丽。环保督察持续亮剑，“双碳”目标深入人心，滚滚长江建起世界最大清洁能源走廊，巍巍贺兰筑就西北生态屏障，十年间单位GDP二氧化碳排放量累计下降大约34%，风电、光伏发电等“绿电”装机容量和新能源汽车产销量均居世界第一……抓好生态文明建设这个关系中华民族永续发展的根本大计，不断破解人与自然和谐的问题，“绿水青山就是金山银山”正化为生动实践。城市以“绿”为美，产业因“绿”而兴，乡村借“绿”致富，绿色，成为高质量发展的鲜亮底色。今日中国，开放发展水平更高。2013年，第一个自贸试验区在上海设立，到今天，21个自贸试验区以不到4‰的国土面积，贡献了全国17.3%的进出口额，吸收外资占全国18.5%，向全国或特定区域复制推广了278项制度创新成果。不仅是自贸区发展，海南自贸港建设日新月异，外商投资准入负面清单越缩越短，进博会、服贸会、广交会、消博会好戏连台，高质量共建“一带一路”精彩纷呈……任凭外部环境变幻，中国改革开放的信心和意志始终不变。我们打造了一系列对外开放的新高地、试验田，形成了全方位、高水平对外开放的新格局，开放磁力持续释放，中国将持续成为全球最具吸引力的外国投资目的地之一。今日中国，共享发展硕果累累。我们历史性地解决了困扰中华民族几千年的绝对贫困问题，近1亿农村贫困人口全部脱贫；建成世界上规模最大的教育体系、社会保障体系、医疗卫生体系，十年来人均预期寿命由75.4岁提高到78.2岁，中等收入群体的比重由约1/4上升到1/3左右，人们的钱包鼓起来，日子美起来。发展为了人民，光荣归于人民，力量源自人民。千千万万个张桂梅、黄大发、李桓英、贺中强，正把初心写在深山绝壁、写在孤岛荒漠、写在祖国广袤的大地上。积小流成江海，积跬步致千里，积小胜为大胜，年年有成，久久为功，人民的信心和支持就是我们国家奋进的力量.

The final section of the article finally acknowledges the challenges that China’s economy faces, but calls for more fighting spirit.

It says that “the road of history is not all smooth, and sometimes it reaches a point where there are difficulties and obstacles that can only be overcome by a heroic spirit.” It calls for “perseverance, facing difficulties, daring to win and being able to win…After an extraordinary decade, the Chinese people’s drive for progress has become stronger, their fighting spirit has grown higher, their belief in victory has become firmer, and they are radiating with a stronger sense of historical consciousness and initiative The Communist Party of China and the Chinese people are full of confidence, pushing forward the great leap of the Chinese nation from standing up, getting rich to becoming strong. 历史的道路，不全是坦平的，有时走到艰难险阻的境界，这是全靠雄健的精神才能够冲过去的。百折不挠、迎难而上，敢于胜利也能够胜利，伟大的历史主动精神正是我们锚定既定奋斗目标、意气风发走向未来的勇气和力量。走过非凡十年，中国人民的前进动力更加强大、奋斗精神更加昂扬、必胜信念更加坚定，焕发出更为强烈的历史自觉和主动精神，中国共产党和中国人民正信心百倍推进中华民族从站起来、富起来到强起来的伟大飞跃。
“The new era is the era of strugglers. It is created by every ‘I’ with unswerving determination and perseverance. If the motherland needs something, I will go all out! 新时代是奋斗者的时代，由每一个“我”打拼出来，矢志不渝、笃行不怠，祖国需要，我必全力以赴！

Of course, in doing all this, the commentary calls on everyone to “unite more closely around the Party Central Committee with Comrade Xi Jinping at the core, fully implement Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, deeply understand the decisive significance of Two Establishments’, strengthen the four consciousnesses and four self-confidences, achieve the two safeguards, keep in mind the three musts, strengthen historical self-confidence, strengthen historical initiative…” 党的二十大制定了当前和今后一个时期党和国家的大政方针，吹响了全面建设社会主义现代化国家、全面推进中华民族伟大复兴的奋进号角。奋进充满光荣和梦想的新征程，让我们更加紧密地团结在以习近平同志为核心的党中央周围，全面贯彻习近平新时代中国特色社会主义思想，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”，牢记“三个务必”，坚定历史自信，增强历史主动，在埋头苦干中增长实力，在改革创新中挖掘潜能，在积极进取中开拓新局，全力战胜前进道路上各种困难和挑战，合力推动中国经济巨轮乘风破浪、行稳致远，用新的伟大奋斗创造令人刮目相看的新的奇迹！

Page 3: A brief report on Wang Yi’s meeting with ROK Foreign Minister Park Jin. Xinhua says: “The two countries’ leaders held a successful meeting in Bali, Indonesia, Wang said. China is ready to enhance strategic communications with the ROK, focus on cooperation for win-win results, and work for the sound and steady development of bilateral relations, said Wang…China is willing to work with the ROK to ensure the safety and smooth operations of industrial and supply chains, safeguard the international free trade system and strengthen coordination and cooperation on regional and global issues, Wang added.”

Reuters reports: “South Korea's foreign minister told his Chinese counterpart on Monday the country expects China to actively support South Korea's efforts for dialogue with North Korea. China's Foreign Minister Wang Yi told South Korean Foreign Minister Park Jin in a video conference call that China will play a constructive role in the Korean peninsula issue, a ministry statement said.”
Korea’s JoongAng Daily reports: “The meeting came a month after the first summit between Yoon and Xi in Indonesia, in which Yoon asked for a more ‘constructive role’ from Beijing on dealing with military provocations by North Korea. Xi proposed resuming a so-called Track 1.5 dialogue mechanism to strengthen communication and build political trust between Seoul and Beijing. That kind of arrangement, a private-public consultative meeting, is not new between the two countries. After Xi floated the same idea on a visit to Korea in July 2014, the last time he visited the country, the Korean and Chinese foreign ministries hosted a meeting between senior government officials and private experts on July 2, 2015. Another meeting of the kind was hosted in October 2019. The foreign ministerial meeting on Monday followed a virtual business forum between Beijing and Seoul, attended by top executives and senior-ranking government officials, who called for closer trade relations between the two countries. Hosted by the Korea Chamber of Commerce and Industry (KCCI), the forum was joined by former Minister of Economy and Finance Yoo Il-ho and Korean executives including Chairman Chey Taewon of SK Group, who also chairs the KCCI, and Park Seung-hee, president and head of corporate relations at Samsung Electronics. “New trade barriers such as protection of high-tech industries, international disputes, and climate change risks are new challenges for both countries,” Yoo said at the forum. “In the past, Korea and China have contributed to each other's economies through quantitative growth, but in the future, we will need qualitative growth based on good use of our comparative advantages.”

A report on Hu Chunhua’s visit (English report) to the UAE, where he met with Sheikh Mansour bin Zayed Al Nahyan, UAE deputy prime minister and minister of presidential affairs.

Also, while these are not in PD, below are some useful Xinhua reports on China-US ties.

First, China urged the United States to “withdraw its so-called sanctions on Chinese officials immediately, and stop interfering in Tibet affairs...Foreign Ministry spokesperson Wang Wenbin’s remarks came after the United States on Friday imposed sanctions on two senior Chinese officials over what they called serious human rights abuse in Tibet Autonomous Region. Wang said the US side imposed illegal sanctions on Chinese officials under domestic law and the pretext of so-called human rights issues in Tibet, which ‘grossly interferes in China's internal affairs, blatantly violates basic norms in international relations and gravely undermines China-U.S. relations’.”

Second, Xinhua says that China has filed a lawsuit with the WTO against the United States over chip export control measures, a necessary way to defend China’s legitimate interests, the Ministry of Commerce said. In recent years, the United States has been generalizing the concept of national security and abusing export control measures, which hinders the regular international trade in chips and other products, and threatens the stability of the global industrial and supply chains, the ministry said in a statement Monday. The U.S. moves are typical trade protectionism practices as they disrupt the international economic and trade order, violate international economic and trade rules and basic economic laws, and harm the global interests of peaceful development, the statement noted.”

Finally, Chinese Vice Foreign Minister Xie Feng held talks with U.S. Assistant Secretary of State for East Asian and Pacific Affairs Daniel Kritenbrink, and Laura Rosenberger, senior director for China affairs of the White House National Security Council, in the city of Langfang near Beijing from Dec. 11 to 12, the Chinese Foreign Ministry said on Monday. The two sides conducted in-depth communications on implementing the consensus reached by the Chinese and U.S. presidents in Bali, Indonesia. They also discussed advancing consultations on the guiding principles of China-U.S. relations, and properly handling major sensitive issues in bilateral relations such as the Taiwan question, as well as the strengthening of exchanges at all levels, and cooperation in certain fields, the ministry said in a press release. They also exchanged extensive views on international and regional issues of common interest. Both sides agreed that the talks were frank, in-depth and constructive, and they will maintain communication, the ministry said.”

Page 4: There is an article bylined Li Hongxing, marking the anniversary of the Japanese invasion of Nanjing on December 13, 1937. The article talks about not forgetting history, and reiterates the details of the massacre of Nanjing. It says that “history tells us that peace is to be fought for and maintained.” 历史告诉我们，和平是需要争取的，和平是需要维护的.

“The brutal acts of aggression by Japanese militarism inflicted unprecedented disasters on the Chinese people. We should never forget the grave crimes committed by the aggressors. All peace-loving and justice-loving people must be highly vigilant and resolutely oppose all attitudes that ignore the history of the war of aggression and all remarks that glorify the nature of the war of aggression. 日本军国主义一桩又一桩残暴侵略行径给中国人民造成空前巨大的灾难，我们任何时候都不应忘记侵略者所犯下的严重罪行。一切罔顾侵略战争历史的态度，一切美化侵略战争性质的言论，所有爱好和平与正义的人们都必须高度警惕、坚决反对.
Those who fall behind will be beaten, and only through development can one become stronger. It is a comfort to our ancestors that the days when the Chinese nation was trampled upon and bullied by others are gone forever. Today, China has become a great country with a strong ability to defend people's peaceful life. It is closer, more confident and more capable of realising the great rejuvenation of the Chinese nation than at any time in history…We should remember all the heroic martyrs who have made outstanding contributions to the Chinese nation and the Chinese people, carry forward their spirit, draw on their strength, and make tenacious, strong and unremitting efforts to overcome the difficulties and obstacles on the road ahead. We must concentrate on running our own affairs well, prepare to withstand the major test of high winds and even turbulent storms, and strive to create new and greater achievements that are worthy of history, the times, and the people. 落后就要挨打，发展才能自强。可以告慰先辈的是，中华民族任人宰割、饱受欺凌的时代一去不复返了，今天的中国，已经成为一个具有保卫人民和平生活坚强能力的伟大国家，比历史上任何时期都更接近、更有信心、更有能力实现中华民族伟大复兴。祀我国殇、山河无恙，逝者已矣、生者奋进。我们要铭记所有为中华民族和中国人民作出卓著贡献的英雄烈士，发扬他们的精神、汲取奋发的力量，为克服前进路上的艰难险阻而顽强奋斗、艰苦奋斗、不懈奋斗。要集中精力办好自己的事情，准备经受风高浪急甚至惊涛骇浪的重大考验，努力创造出无愧历史、无愧时代、无愧人民新的更大的业绩。

There’s also a Zhong Sheng commentary on the anniversary on Page 17.

Page 13: There is an article by Yi Gang on building a modern central bank system. Unfortunately, I am running short on time, so I am briefly sharing the measures that he has discussed:

1. Improve the monetary policy system to maintain currency stability and economic growth: He warns that “high levels of leverage is the root cause of macro-financial fragility.” But he adds: “China is one of the few major economies to implement normal monetary policies. We did not implement unconventional monetary policies such as quantitative easing and negative interest rates. Our interest rate is in the middle of the world and relatively low among major developing countries. The RMB exchange rate has remained basically stable at an appropriate and balanced level.” 高杠杆是宏观金融脆弱性的总根源，中央银行要管好货币总闸门。2008年国际金融危机发生以来，特别是新冠肺炎疫情发生以来，在党中央的坚强领导下，我国保持政策定力，是少数实施正常货币政策的主要经济体之一。我们没有实施量化宽松、负利率等非常规货币政策，利率水平在全世界居中，在主要发展中国家中较低，人民币汇率也在合理均衡水平上保持基本稳定，物价走势整体可控，有力促进了我国经济稳定增长.

And he promises to continue to implement a “normal monetary policy.” “Simply put, normal monetary policy refers to the situation where monetary policy can be effectively adjusted mainly through the adjustment of interest rates. The opposite is unconventional monetary policy at zero or negative interest rates. Normal monetary policy will not only promote the proper growth of household savings and income, but also improve the global competitiveness of RMB assets and make good use of both domestic and international markets and resources. In the future, the potential growth rate of our economy is expected to stay within a reasonable range, with conditions to maintain normal monetary policy for as long as possible, maintain positive interest rates, and maintain a normal upward sloping yield curve.” 实施正常的货币政策。简单地说，正常的货币政策是指主要通过利率的调整可以有效调节货币政策的情况。与其相对应的是在零利率或负利率情况下的非常规货币政策。正常的货币政策不仅有利于促进居民储蓄和收入合理增长，也有利于提高人民币资产的全球竞争力，利用好国内国际两个市场、两种资源。未来，我国经济潜在增速有望维持在合理区间，有条件尽量长时间保持正常的货币政策，保持正的利率，保持正常的、斜率向上的收益率曲线形态.

He adds:

“We will improve the basic money supply mechanism and the money supply regulation mechanism, and strengthen the long-term mechanism for constraints on liquidity, capital and interest rates. We will give full play to both the aggregate and structural functions of monetary policy and precisely increase support for key areas and weak links in the national economy. We will establish a market-based interest rate formation and transmission mechanism. The equilibrium interest rate is determined by the supply and demand relationship in the capital market, and the policy interest rate determined by the central bank; both should conform to the economic law. Improve the managed floating exchange rate system based on market supply and demand, adjusted with reference to a basket of currencies, and effectively manage and guide market expectations.” 健全货币政策调控机制。健全基础货币投放机制和货币供应调控机制，强化流动性、资本和利率约束的长效机制。发挥货币政策的总量和结构双重功能，精准加大对国民经济重点领域和薄弱环节的支持力度。建立市场化利率形成和传导机制，均衡利率由资金市场供求关系决定，中央银行确定政策利率要符合经济规律。完善以市场供求为基础、参考一篮子货币进行调节、有管理的浮动汇率制度，有效管理和引导市场预期.

2. Deepen the reform of the financial system and enhance the ability of the financial sector to serve the real economy: In this, he talks about developing inclusive finance, green finance, and technology finance, and promoting the construction of a multi-level capital market. He also outlines the five pillars of work related to green finance.

On the opening of the financial industry, he writes:

On the premise of ensuring security and controllability, we should further improve the system of pre-entry plus negative list mode of national treatment, enhance the convenience to invest in China's financial market and enhance global competitiveness. Adhere to the principle of multilateralism, actively participate in international financial cooperation and governance, and steadily expand the institutional openness of rules, regulations, management and standards. Resolutely safeguard China's overseas creditor's rights and interests in multilateral debt restructuring. For overseas creditor's rights, according to the principle of ‘whoever invests will bear the risk and whoever makes the decision will be responsible for risk compensation’, financial institutions and enterprises shall bear the main responsibility, and relevant decision-making departments should fully consider the financial sustainability of projects and be responsible to compensate for risks.” 扩大金融业高水平开放。在安全可控的前提下，进一步完善准入前国民待遇加负面清单的管理模式，提升我国金融市场的投资便利性，提高全球竞争力。坚持多边主义原则，积极参与国际金融合作与治理，稳步扩大规则、规制、管理、标准等制度型开放。在多边债务重组中坚决维护我国海外债权利益。对于海外债权，按照“谁投资谁承担风险、谁决策谁负责风险补偿”的原则，由金融机构和企业承担主体责任，相关决策部门充分考虑项目的金融可持续性，负责风险补偿.

3. Implement the main responsibilities of financial institutions and shareholders, and improve the stability of financial institutions. Basically, in this, he is saying that businesses should bear losses themselves. “Self-rescue should be the main way to deal with financial risks now and in the future,” he argues.

4. Strengthen and improve modern financial regulation, strengthen the system for ensuring financial stability, and ensure that no systemic risks occur.

First, we should ensure the access of financial institutions, strengthen the supervision of shareholders, and prevent insider control.
Second, strengthen the identification and disposal of illegal financial activities, and protect the rights and interests of financial consumers. Third, strengthen supervision and law enforcement, enrich law enforcement means, and strengthen cooperation with discipline inspection and supervision, judicial and auditing departments.
Fourth, accelerate the construction of regulatory technology and big data platforms, and promote the unification of data standards and regulatory sharing.
Fifth, strengthen supervision and accountability, investigate and deal with dereliction of duty and corruption.
Sixth, coordinate the central and local financial management.

依法将各类金融活动全部纳入监管。一是把好金融机构准入关，加强对股东监管，防止内部人控制。二是按照“管合法更要管非法”原则，加强对非法金融活动的认定和处置，保护金融消费者权益。三是加强监管执法，丰富执法手段，强化与纪检监察、司法、审计等部门协作。四是加快监管科技和大数据平台建设，推动数据标准统一和监管共享。五是强化监管问责，查处失职渎职和腐败行为。六是统筹协调中央和地方金融管理，确保全国一盘棋，监管无死角.

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