Xi Lands in Russia, Saying 'World Needs Justice, Not Hegemonism' - Zhong Sheng on He Lifeng-Bessent/Greer Meeting
Here are the key reports and articles that I found noteworthy from the People’s Daily’s edition on Thursday, May 08, 2025.
Page 1: Much of the page is dedicated to Xi Jinping’s visit to Russia. First, let’s look at the report on Xi’s article (English article) in the Rossiyskaya Gazeta newspaper. A lot of this is worth reproducing:
“Eighty years ago, the forces of justice around the world, including China and the Soviet Union, united in courageous battles against their common foes and defeated the overbearing fascist powers. Eighty years later today, however, unilateralism, hegemonism, bullying, and coercive practices are severely undermining our world. Again humankind has come to a crossroads of unity or division, dialogue or confrontation, win-win cooperation or zero-sum games. In War and Peace, the great writer Leo Tolstoy observed, ‘History is the life of nations and of humanity’. Indeed, historical memory and truth will not fade with the passage of time. They serve as inspirations that mirror the present and illuminate the future. We must learn from history, especially the hard lessons of the Second World War. We must draw wisdom and strength from the great victory of the World Anti-Fascist War, and resolutely resist all forms of hegemonism and power politics. We must work together to build a brighter future for humanity.
We must uphold a correct historical perspective on WWII. China and the Soviet Union were the principal theaters of that war in Asia and Europe respectively. The two countries served as the mainstay of resistance against Japanese militarism and German Nazism, making pivotal contribution to the victory of the World Anti-Fascist War. The Chinese People’s War of Resistance Against Japanese Aggression began the earliest and lasted the longest. United as one under the banner of the Chinese united front against Japanese aggression, which was advocated and established by the CPC, the Chinese people launched a relentless struggle against and defeated the brutal Japanese militarists. With immense sacrifice, they carved out an immortal epic of heroic resistance and ultimate victory against Japanese aggression. In the European theater, the Soviet Red Army advanced like an iron tide with unwavering fortitude and valor, crushed Nazi Germany’s ambitions and liberated millions from its brutal occupation, writing an epic of victory in the Soviet Union’s Great Patriotic War.
History teaches us that light will always overcome darkness, and that justice will ultimately prevail over evil. The International Military Tribunal at Nuremberg and the International Military Tribunal for the Far East condemned the convicted war criminals to perpetual infamy. The justice and integrity of the two landmark trials, their historic significance, and their contemporary relevance stand beyond challenge. Any attempt to distort the historical truth of WWII, deny its victorious outcome, or defame the historic contribution of China and the Soviet Union is doomed to fail. Neither of our two nations will tolerate any act to reverse the course of history-nor will the people of the whole world.
We must resolutely uphold the postwar international order. The most significant decision by the international community around the end of WWII was to establish the UN. China and the Soviet Union were among the first to sign the UN Charter. Our permanent membership in the UN Security Council is a product of history, earned through blood and sacrifice. The more turbulent and complex the international situation becomes, the more we must uphold and defend the authority of the UN, firmly uphold the UN-centered international system, the international order underpinned by international law, and the basic norms of international relations based on the purposes and principles of the UN Charter, and steadily promote an equal and orderly multipolar world and a universally beneficial and inclusive economic globalization.
This year also marks the 80th anniversary of the restoration of Taiwan. Taiwan’s restoration to China is a victorious outcome of WWII and an integral part of the postwar international order. A series of instruments with legal effect under international law, including the Cairo Declaration and the Potsdam Proclamation, have all affirmed China's sovereignty over Taiwan. The historical and legal fact therein brooks no challenge. And the authority of UN General Assembly Resolution 2758 brooks no challenge. No matter how the situation on the Taiwan island evolves or what troubles external forces may make, the historical trend toward China’s ultimate and inevitable reunification is unstoppable. China and Russia have all along firmly supported each other on issues bearing on our respective core interests or major concerns. Russia has reiterated on many occasions that it strictly adheres to the one-China principle, Taiwan is an inalienable part of China’s territory, it opposes any form of ‘Taiwan independence’, and it firmly supports all measures of the Chinese government and the Chinese people to achieve national reunification. China highly commends Russia’s consistent position.
We must firmly defend international fairness and justice. Now, the global deficits in peace, development, security and governance continue to widen unabated. To address these deficits, I have proposed to build a community with a shared future for mankind and put forward the Global Development Initiative, the Global Security Initiative, and the Global Civilization Initiative as a way forward to steer the reform of the global governance system toward greater fairness and justice. The world needs justice, not hegemonism. History and reality have proven that to meet global challenges, it is important to uphold the vision of global governance featuring extensive consultation and joint contribution for shared benefit. It is also important to choose dialogue over confrontation, build partnerships over alliances, and pursue win-win cooperation over zero-sum games. It is equally important to practice true multilateralism, accommodate the legitimate concerns of all parties, and safeguard international norms and order. We firmly believe that people around the world will choose to stand on the right side of history and the side of fairness and justice.
China and Russia are both major countries with significant influence in the world. The two nations are constructive forces for maintaining global strategic stability and for improving global governance. Our bilateral relationship is founded upon a clear historical logic, sustained by strong internal drive, and rooted in profound cultural heritage. Our relationship is neither directed against nor swayed by any third party. Together we must foil all schemes to disrupt or undermine our bonds of amity and trust, and we must not be baffled by transient matters or unsettled by formidable challenges. We must leverage the certainty and resilience of our partnership of strategic coordination to jointly accelerate the shift toward a multipolar world and build a community with a shared future for mankind.
China and Russia are both great nations with splendid civilizations. The Chinese and Russian peoples are both great peoples defined by heroic legacies. Eighty years ago, our peoples won the anti-fascist war through heroic struggles. Eight decades later today, we must take all necessary measures to resolutely safeguard our sovereignty, security, and development interests. We should be guardians of historical memory, partners in national development and rejuvenation, and champions of global fairness and justice, and work together to forge a brighter future for humanity.”
Xi landed in Moscow yesterday. The report says that Xi traveled with Cai Qi and Wang Yi. At the airport, he was greeted by Russian Deputy Prime Minister Tatyana Golikova. Upon landing, Xi said:
“China and Russia are good neighbors that cannot be moved away, true friends who share weal and woe, and good partners who achieve success together. Both sides have successfully explored the correct way for major neighboring countries to get along, and have created a spirit of China-Russia strategic coordination for the new era. The independent, mature, and resilient China-Russia relationship not only brings enormous benefits to the people of both countries but also makes important contributions to maintaining global strategic stability and promoting equal and orderly world multipolarity. This year marks the 80th anniversary of the victory in the World Anti-Fascist War and the 80th anniversary of the founding of the UN. As major world powers and permanent members of the UN Security Council, China and Russia will work together to defend the results of the victory in World War II, firmly oppose hegemonism and power politics, practice true multilateralism, and promote the construction of a more just and reasonable global governance system. I look forward to in-depth communication with President Putin on bilateral relations, practical cooperation, and international and regional issues of common concern, injecting strong momentum into the development of the China-Russia comprehensive strategic partnership of coordination for the new era; I also look forward to joining leaders from many countries and the Russian people in deeply commemorating the martyrs who heroically sacrificed for the victory in the World Anti-Fascist War, and jointly sending out a strong voice of the times to uphold international fairness and justice.” 习近平指出，中国和俄罗斯是搬不走的好邻居，患难与共的真朋友，相互成就的好伙伴。双方已经成功探索出一条相邻大国的正确相处之道，打造了新时代中俄战略协作精神。独立自主、成熟坚韧的中俄关系不仅给两国人民带来巨大福祉，也为维护全球战略稳定、推进平等有序的世界多极化作出重要贡献。今年是世界反法西斯战争胜利80周年和联合国成立80周年。中俄作为世界主要大国和联合国安理会常任理事国，将携手捍卫二战胜利成果，坚决反对霸权主义和强权政治，践行真正的多边主义，推动构建更加公正合理的全球治理体系。我期待同普京总统就双边关系、务实合作以及共同关心的国际和地区问题深入沟通，为推动中俄新时代全面战略协作伙伴关系发展注入强劲动力；期待同多国领导人和俄罗斯人民一道，深切缅怀为世界反法西斯战争胜利英勇献身的先烈，共同发出维护国际公平正义的时代强音.
At the top of the page is a report (English report) on Xi congratulating a China-Russia people-to-people and cultural exchange event commemorating the 80th anniversary of the victory in the Chinese People's War of Resistance Against Japanese Aggression and the Soviet Union’s Great Patriotic War.
Finally, there’s a report on the broadcast of ‘Xi Jinping’s Favorite Classical Allusions’ on Russian TV.
Page 2: There are some reports in the paper today, which I covered yesterday. For instance, there’s the report about He Lifeng's expected meeting with the US Treasury Secretary. Also, the paper carries the Chinese foreign ministry’s comment on the India-Pakistan situation.
Along with this, there’s a report today on He meeting with Majed Al Romaithi, chairman of the Management Committee of the Abu Dhabi Investment Authority (ADIA) of the United Arab Emirates, in Beijing. Xinhua reports:
“He, also a member of the Political Bureau of the Communist Party of China Central Committee, said that China’s economy got off to a good start this year, with solid progress in high-quality development and continued improvements in social confidence and expectations. China is continuing to deepen its reform comprehensively, and making efforts to promote high-level opening-up in various fields such as finance, He noted, adding that China welcomes foreign financial institutions including the ADIA and long-term investors to engage in business in China and share in its development opportunities. Majed said the ADIA is optimistic about China’s economic prospects and is looking forward to conducting cooperation and exchanges with China in different fields.”
In addition, there’s a Zhong Sheng commentary on the upcoming US-China talks. It says:
“High-level China-US economic and trade talks will soon be held in Switzerland. These talks are being held at the request of the American side. China’s position is consistent: whether in confrontation or dialogue, China’s determination to safeguard its own development interests will not change, and its stance and goals of defending international fairness and justice and maintaining the international economic and trade order will not change. Recently, high-level US officials have continuously floated ideas about adjusting tariff measures and have actively conveyed this information to China through various channels, hoping to engage in talks with China on tariffs and other issues. After fully considering global expectations, China’s interests, and calls from American businesses and consumers, China has decided to agree to engage with the US, demonstrating China’s responsible attitude. 中美经贸高层会谈即将在瑞士举行。这次会谈是应美方请求举行的。中方的立场是一贯的，无论是打还是谈，中方维护自身发展利益的决心不会改变，捍卫国际公平正义、维护国际经贸秩序的立场和目标不会改变。近期，美方高层不断就调整关税措施放风，并通过多种渠道主动向中方传递信息，希望就关税等问题与中方谈起来。在充分考虑全球期待、中方利益、美国业界和消费者呼吁的基础上，中方决定同意与美方进行接触，体现了中方负责任态度。(Note: This did make me chuckle. Such incredible altruism from Beijing.)
“When it comes to dialogue, China’s door is wide open, but dialogue must be conducted on an equal footing based on mutual respect; if you desire confrontation, China will also see it through to the end. Pressure, threats, and blackmail are not the right way to deal with China. If the US sincerely hopes to resolve issues through dialogue and negotiation, it should transform its statements into substantive policy adjustments in the spirit of ‘keeping one’s word and taking concrete actions,’ and engage in professional and practical exchanges and dialogue with China.” 谈，中方大门敞开，但对话必须在相互尊重的基础上以平等方式进行；打，中方也奉陪到底，施压、威胁和讹诈不是同中方打交道的正确方式。如果美方真心希望通过对话谈判解决问题，就应本着“言必信，行必果”的精神，将表态转化为实实在在的政策调整，同中方展开专业、务实的交流对话。
China and the US together account for over one-third of the global economy, nearly one-fourth of the world’s population, and approximately one-fifth of global bilateral trade. The essence of China-US economic and trade relations is mutual benefit and win-win. A series of illegal and unreasonable unilateral tariff measures taken by the new US administration have seriously impacted China-US economic and trade relations, severely disrupted the international economic and trade order, and posed severe challenges to the recovery and growth of the world economy. To safeguard its legitimate rights and interests and international fairness and justice, the Chinese side has taken firm and strong countermeasures against the US side’s abuse of tariffs. The US abuse of tariffs has also seriously harmed the interests of American businesses and consumers, and the negative consequences are beginning to show. People from various sectors in the Us have criticized the US unilateral tariff measures, believing that not only do they fail to solve America’s own problems, but they also increase domestic inflationary pressure, weaken the US industrial base, and raise the risk of economic recession. The US business community has repeatedly called on the government to remove the additional tariffs on China. These rational voices deserve attention. 中美两国经济总量超过世界1/3，人口总数占世界近1/4，双边贸易额约占世界1/5。中美经贸关系的本质是互利共赢。美国新政府采取的一系列违规、无理的单边关税措施，严重冲击中美经贸关系，严重扰乱国际经贸秩序，也给世界经济复苏增长带来严峻挑战。为捍卫自身正当权益和国际公平正义，中方对美方滥施关税采取了坚决有力反制。美国滥施关税也严重损害美国企业和消费者的利益，恶果正在显现。美国各界人士批评美方单边关税措施，认为这不仅无助于解决美国自身问题，还推高国内通胀压力，削弱美国产业基础，加大美国经济衰退风险。美国工商界多次呼吁政府取消对华加征关税，这些理性声音值得重视.
“The US’ abuse of tariffs against China and relentless maximum pressure is clearly a miscalculation. China’s development achievements are the result of the hard struggle of the Chinese people, not something bestowed by anyone. China has strong confidence and strength to ‘fight to the end.’ In 2024, China’s total value of goods imports and exports exceeded 43 trillion yuan, with foreign trade partners becoming more diversified and reliance on the US continuing to decline. The proportion of exports to the US in China’s total exports has dropped from 19.2% in 2018 to 14.7% in 2024. No matter how the international situation changes, China will focus on managing its own affairs well, unswervingly expand opening up, unswervingly uphold the multilateral trading system with the WTO at its core, and unswervingly share development opportunities with countries around the world.” 美方对中国滥施关税，一味进行极限施压，显然是打错了算盘。中国的发展成就是中国人民艰苦奋斗的结果，而非任何人恩赐的产物，中国有强大底气“奉陪到底”。2024年，中国货物贸易进出口总值超过43万亿元人民币，外贸伙伴更加多元化，对美依赖度持续降低。对美出口占中国出口总额的比重已从2018年的19.2%降至2024年的14.7%。无论国际风云如何变幻，中国将集中精力办好自己的事，始终坚定不移扩大开放，坚定不移维护以世贸组织为核心的多边贸易体制，坚定不移与世界各国共享发展机遇.
The healthy development of China-US economic and trade relations requires both sides to move toward each other. The Chinese people advocate ‘harmony is precious’ and ‘keeping faith and fostering friendly relations,’ but ‘harmony’ does not mean unprincipled concessions, and ‘faith’ certainly not does not imply tolerating breaches of trust and abandonment of righteousness. China has always believed that any dialogue and negotiation must be conducted on the premise of mutual respect, equal consultation, and mutual benefit. If the US wants to solve problems through negotiation, it must recognise the serious negative impact of unilateral tariff measures on itself and the world, recognise international economic and trade rules, fairness and justice, and rational voices from various sectors, show sincerity in negotiations, and correct its wrong practices. If the US says one thing and does another, or even attempts to use talks as a pretext to continue coercion and blackmail, China will absolutely not agree, nor will it sacrifice its principled stance or international fairness and justice to seek any agreement.” 中美经贸关系的健康发展需要双方相向而行。中国人民崇尚“以和为贵”“讲信修睦”，但“和”绝不是无原则的退让，“信”更不是对背信弃义的纵容。中方始终认为，任何对话谈判必须在相互尊重、平等协商、互惠互利的前提下开展。美方想要通过谈判解决问题，就要正视单边关税措施给自身和世界带来的严重负面影响，正视国际经贸规则、公平正义和各界理性声音，拿出谈的诚意，纠正错误做法。如果说一套、做一套，甚至企图以谈为幌子，继续搞胁迫讹诈，中方绝不会答应，更不会牺牲原则立场、牺牲国际公平正义去寻求达成任何协议.
Page 3: There’s a report drawing from the PBOC’s announcement of the 10 measures as part of the moderately loose monetary policy approach. I covered these 10 points in yesterday’s edition. But there are some useful data points from the report:
Pan Gongsheng said that the measures will provide financial institutions with substantial, low-cost medium and long-term funds, which will help reduce financial institutions’ liability costs and stabilize net interest margins. The policy effects will further transmit to the real economy, driving down overall social financing costs while maintaining stability, boosting market confidence, and effectively supporting stable growth of the real economy. 潘功胜表示，上述政策措施将向金融机构提供规模可观的、低成本的中长期资金，有利于降低金融机构的负债成本，稳定净息差。政策效果还将进一步传导至实体经济，带动社会综合融资成本稳中有降，提振市场信心，有效支持实体经济稳定增长.
The National Financial Regulatory Administration stated that it will promptly introduce a package of policies to support financing for small and micro enterprises and private enterprises, deepen and implement the financing coordination mechanism to help stabilise enterprises and the economy, and formulate and implement a series of policy measures for the banking and insurance industries to escort foreign trade development, providing precise services to business entities significantly affected by tariffs and fully assisting them in stabilizing operations and expanding markets. 金融监管总局表示，将尽快推出支持小微企业、民营企业融资一揽子政策，做深做实融资协调工作机制，助力稳企业稳经济，并制定实施银行业保险业护航外贸发展系列政策措施，对受关税影响较大的经营主体提供精准服务，全力帮扶稳定经营、拓展市场.
In the first quarter of this year, China’s real estate loan balance increased by more than 750 billion yuan, with the increase in personal housing loans reaching the largest quarterly hike since 2022, with housing rental loans growing by 28% year-on-year…Li Yunze, Director of the National Financial Regulatory Administration, said that currently, commercial banks have approved ‘white list’ project loans amounting to 6.7 trillion yuan, supporting the construction and delivery of more than 16 million housing units, effectively protecting the legitimate rights and interests of the vast number of homebuyers, and providing important support for the real estate market to stop falling and stabilize … Li added that they will guide financial institutions to continue maintaining stable real estate financing, effectively meet the demand for essential and improved housing, strengthen capital supply for high-quality housing, and help continuously consolidate the stable trend of the real estate market. 今年一季度，我国房地产贷款余额增加7500多亿元，其中新增个人住房贷款创2022年以来单季最大增幅，住房租赁贷款同比增长28%。最近，一些重要国际投资机构也认为，中国房地产市场的投资价值正在逐步显现。“我们扎实推动城市房地产融资协调机制扩围增效，支持打赢保交房攻坚战。”李云泽介绍，目前，商业银行审批通过的“白名单”贷款增至6.7万亿元，支持了1600多万套住宅的建设和交付，有力保障了广大购房人的合法权益，为房地产市场止跌回稳提供了重要支撑。李云泽表示，将加快完善与房地产发展新模式相适配的系列融资制度，包括房地产开发、个人住房、城市更新等贷款管理办法，同时，指导金融机构继续保持房地产融资稳定，有效满足刚性和改善性住房需求，强化对高品质住房的资金供给，助力持续巩固房地产市场稳定态势.
Pan Gongsheng introduced that the interest rate on individual housing provident fund loans will be lowered by 0.25 percentage points. The interest rate for first-home loans with terms over five years will be reduced from 2.85% to 2.6%, with rates for other terms adjusted accordingly…Lowering the individual housing provident fund loan interest rate is expected to save residents more than 20 billion yuan in loan interest expenses annually. This will help support the rigid housing demand of residential households and continuously consolidate the stable trend of the real estate market. 潘功胜介绍，将降低个人住房公积金贷款利率0.25个百分点，五年期以上首套房利率由2.85%降至2.6%，其他期限利率同步调整...降低个人住房公积金贷款利率预计每年将节省居民公积金贷款利息支出超过200亿元，有利于支持居民家庭刚性住房需求，持续巩固房地产市场稳定态势.
Page 7: There’s a report informing that a Chinese firm released Origin Tianji 4.0, a self-developed superconducting quantum measurement and control system that supports 500-plus-qubit quantum computers, signifying the advancement of China’s production capabilities in quantum computing.
“Origin Quantum, a startup based in the eastern Chinese city of Hefei, built and upgraded the fourth-generation system based on its preceding 3.0 version, which powers Origin Wukong, China's independently developed third-generation superconducting quantum computer. The new system features improvements in scalability, integration, stability and automation. Dubbed the "nerve centers" of quantum computers, measurement and control systems manage precise signal generation, acquisition and control for quantum chips. Kong Weicheng, deputy director of Anhui Quantum Computing Engineering Research Center and head of the system's development team, said Origin Tianji 4.0 will enhance the efficient control and accurate readout of quantum chips, reducing the R&D and delivery timeline of quantum computers. Since it went into operation on Jan. 6, 2024, Origin Wukong has served users in 139 countries and regions over 26 million times, and completed more than 380,000 quantum computing tasks, covering a wide range of industries from finance to biomedicine, according to the research center.”