Here are the key reports and articles from the People’s Daily’s edition on Friday, December 05, 2025.
Page 1: Let’s begin with the report on Xi Jinping’s meeting with French President Emmanuel Macron. The Chinese readout says:
“President Xi Jinping pointed out that China and France are independent, visionary and responsible major countries and constructive forces working to foster a multipolar world and promote solidarity and cooperation among humanity. Today, transformations unseen in a century unfold at a faster pace. Humanity has once again come to a crossroads. China and France should act with a strong sense of responsibility, uphold multilateralism, and stand firmly on the right side of history. China is ready to work with France, bearing in mind the fundamental interests of the Chinese and French people and the long-term interests of the international community, to uphold equal dialogue, openness and cooperation, and strive for further steady progress in China-France comprehensive strategic partnership in the new 60-year cycle, to fully demonstrate the strategic value of this partnership and make new contributions toward promoting an equal and orderly multipolar world as well as universally beneficial and inclusive economic globalization.
President Xi Jinping underscored that no matter how the external environment may evolve, China and France should always demonstrate the strategic vision and independence of a major country, offer each other understanding and support on issues concerning core interests and major concerns, and safeguard the political foundation of China-France relations. At its fourth plenary session, the 20th CPC Central Committee deliberated over and adopted the recommendations for the 15th Five-Year Plan, drawing up the blueprint for China’s development in the coming five years and also offering a list of opportunities to the world. China and France should seize the opportunities to expand the space for cooperation, strengthen cooperation in such traditional areas as aviation, aerospace, and nuclear energy, and unlock the cooperation potential in green economy, digital economy, biomedicine, AI, new energy and other fields. China is ready to import more quality products from France, and welcomes more French companies to operate in China. China also hopes France will provide a level-playing field and stable expectations for Chinese enterprises. The people of China and France have a natural affinity for each other. The two countries should deepen exchanges and cooperation in culture, education, science and technology as well as at subnational levels, and write more exciting chapters of people-to-people and cultural exchanges.
President Xi Jinping stressed that the world today is far from tranquil, with complex, intractable hotspot issues flaring up in many places. As founding members of the United Nations and permanent members of the U.N. Security Council, China and France should practice true multilateralism, uphold the U.N.-centered international system and the international order underpinned by international law, increase communication and coordination on the political settlement of disputes and the promotion of world peace and stability, and jointly advance the reform and improvement of global governance. The world now faces many imbalances, such as uneven development between the North and the South and inadequate representation of developing countries in international financial institutions. Countries should shoulder responsibilities together, coordinate actions, and work together to make global economic governance fairer, more just and equitable. The exchanges and cooperation between China and Europe over the past 50 years have been mutually beneficial and have contributed to each other’s success. The industrial and supply chains of countries are deeply interconnected. Openness and cooperation will bring opportunities for development, while decoupling and severing supply chains will lead to isolation. Protectionism cannot solve the problems caused by global industrial restructuring, but will only worsen the international environment for trade. China and Europe should stay committed to partnership, pursue cooperation with an open mind, and ensure that China-Europe relations develop along the right track of independence and mutually beneficial cooperation.”
As per the Chinese readout, Macron indicated that “France welcomes more Chinese investment in France and will provide a fair and non-discriminatory business environment. France is committed to promoting the sound and steady development of Europe-China relations. It believes that Europe and China should uphold dialogue and cooperation, and Europe should achieve strategic autonomy. Given the global geopolitical instability and challenges to the multilateral order, cooperation between France and China is even more important and indispensable. France fully agrees with President Xi Jinping’s views on reforming and improving global governance and promoting a more balanced global economy. It stands ready to work with China to strengthen coordination, jointly shoulder the due responsibilities of major countries, uphold multilateralism, and enhance cooperation in areas such as climate response, biodiversity conservation, and AI governance, so as to contribute to world peace and prosperity.”
On Ukraine, the readout says that “China supports European countries in playing their due role toward the establishment of a balanced, effective and sustainable European security architecture.”
Deals were signed in nuclear energy, agri-food, education, and ecological environment.
The two men then met the press. Xi Jinping said that the two sides have committed to work together on:
First, strengthening political mutual trust. No matter how the external environment changes, the two sides will always demonstrate both independence and the strategic vision expected of major countries, and understand and support each other on matters involving each other’s core interests and major concerns.
Second, expanding practical cooperation. The two sides will consolidate cooperation in traditional areas such as aviation, aerospace and nuclear energy, and expand cooperation in emerging areas such as green economy, digital economy, biomedicine and artificial intelligence. The two sides will also facilitate balanced development of bilateral economic and trade relations, expand two-way investment, and enable a fair, transparent, nondiscriminatory and predictable business environment for enterprises of the two countries.
Third, promoting cultural and people-to-people exchanges. Building on the success of last year’s China-France Year of Culture and Tourism, the two sides will deepen exchanges and cooperation on culture, education, science and technology and at the subnational level, and launch a new round of cooperation on giant panda conservation.
Fourth, furthering the reform and improvement of global governance. The two sides will strengthen strategic communication and collaboration to uphold the U.N.-centered international system and the international order underpinned by international law, and work for a more just and equitable global governance system.
Xi added:
“On the Ukraine crisis, China supports all efforts conducive to peace, and hopes that parties can reach, through dialogue and negotiation, a fair, lasting and binding peace agreement that is accepted by all parties concerned. China will continue to play a constructive role in the political settlement of the crisis. At the same time, China firmly opposes any irresponsible attempt to shift blame or smear others. China and France will work together for the realization of a comprehensive, just and lasting solution to the Palestinian question at an early date. China will provide US$100 million of assistance to Palestine to alleviate the humanitarian crisis in Gaza and support its recovery and reconstruction.”
In his remarks, Macron talked about three agenda points of focus.
Geopolitical stability: He called the war in Ukraine a “vital threat to European security.” He said that as permanent members of the UNSC, China and France have special responsibilities, and while one must do everything one can to ensure that a “compromise” is found, one should also make sure that “international law is preserved” and “stability is maintained over time.” He called for China to join the call for a ceasefire. The only aspect of this ceasefire that he outlined was a “moratorium on strikes targeting critical infrastructure”, particularly strikes targeting civilian and energy infrastructure. On Israel and Palestine, he called for a two-state solution.
Economic balance: In this context, he talked about addressing the imbalances that exist. He said that “Europe and China have a role to play in laying, with other partners, the foundations of a global economic governance that is fair, robust, based on rules and not on the law of the strongest.” He further said that “we must find a framework to increase Chinese direct investment in Europe, and in particular in France, creating added value and jobs.” In terms of specific sectors, he stressed the importance of supporting French agri-food sectors like wine, poultry, and beef to get access to the Chinese market. He also called for cooperation in aeronautics, civil nuclear energy, and research.
Sustainability: Under this, he mentioned biodiversity, plastic pollution, support for vulnerable countries, and the oceans.
Finally, there’s a report on Xi’s remarks at the Seventh Meeting of the China-France Business Council with Macron. Xi said:
“The two countries are expanding economic and trade cooperation to more areas and enhancing its resilience. In the first 10 months, bilateral trade reached US$68.75 billion and cumulative two-way investment has exceeded US$27 billion.”
He then made three points:
First, the two countries should continue to expand new areas for bilateral economic and trade cooperation. China views France as its important and indispensable economic and trade partner. China welcomes France to actively participate in Chinese modernization and will support Chinese companies that have the capacity and willingness in investing and doing business in France. The two sides should further unleash the potential of cooperation in emerging areas such as artificial intelligence, green and digital economy, biomedicine and silver economy, keep advancing openness and cooperation on industrial and supply chains, and foster a fair, transparent, nondiscriminatory and predictable business environment for companies of the two countries.
Second, the two countries should continue to pursue new progress in mutually beneficial cooperation between China and the EU. This year marks the 50th anniversary of the China-EU diplomatic relations. The essence of China-EU economic and trade relations lies in complementarity and mutual benefit, and dynamic equilibrium can be achieved through development. Interdependence is not a risk, and convergent interests are not a threat. China and France should endeavor to ensure that China and the EU stay committed to the comprehensive strategic partnership and jointly work for a brighter next 50 years for China-EU relations.
Third, the two countries should jointly make new contributions to reforming and improving global governance. This year marks the 80th anniversary of the victory of the World Anti-Fascist War and the founding of the United Nations. To make the global governance system more just and equitable, on top of the Global Development Initiative, the Global Security Initiative and the Global Civilization Initiative, I proposed the Global Governance Initiative this September. China and France should practice true multilateralism, jointly uphold the standing and authority of the U.N., uphold the WTO-centered, rules-based multilateral trading system, and contribute to reforming and improving global governance.
After all this, the two men headed to Sichuan, where they had an informal meeting today.
Anyway, while in Beijing, Macron also met with Premier Li Qiang and Zhao Leji. Li told Macron that “China is willing to work with France to strengthen development-strategy alignment, expand two-way openness, and firmly uphold free trade and economic globalization.” He added:
“China is willing to strengthen its development-strategy alignment with France, expand two-way openness, strengthen cooperation in traditional fields such as aviation, aerospace and civil nuclear energy, and promote cooperation in emerging areas such as artificial intelligence, green development and the silver economy. China also supports its enterprises in investing in France, and hopes that France will provide a fair, just and favorable business environment. Noting that unilateralism and protectionism are currently on the rise, with an increase in international economic and trade frictions and disputes, Li said that it is now even more imperative that all parties engage in timely communication, deepen mutual understanding, seek common ground while reserving differences, take concrete actions, and walk toward each other to address each other’s legitimate concerns in the proper manner. He called on France to focus on cooperation and handle differences appropriately, with the aim of maintaining the correct development direction in China-EU relations.”
Zhao told him that the two sides should “expand people-to-people and cultural exchange, and enhance dialogue and coordination in multilateral fields to promote the steady, positive development of bilateral relations. He said the NPC is willing to maintain close exchange at all levels with the two houses of the French Parliament, share work experience in such fields as legislation and supervision, and provide legal safeguards for practical cooperation between the two countries.”
Moving on, Wang Huning is visiting Indonesia, where he met separately in Jakarta with Indonesian President Prabowo Subianto, Speaker of the House of Representatives Puan Maharani, Speaker of the Regional Representative Council Sultan Bachtiar Najamudin, and held talks with Muzani. Xinhua says:
“During his meeting with Prabowo, Wang said that China is ready to work with Indonesia to implement the important consensus reached between the two heads of state, and jointly pursue modernization paths suited to their respective national conditions so as to contribute more to world peace, stability and prosperity. Wang said China firmly supports the Indonesian government in safeguarding political and social stability and achieving greater development. He expressed the belief that Indonesia will uphold the one-China principle and support the Chinese people’s just cause of opposing ‘Taiwan independence’ separatism and striving for national reunification. Prabowo said that Indonesia sincerely admires China for its remarkable development achievements and is willing to learn from China’s successful experience as it pursues an independent development path suited to its own national conditions. Noting that Indonesia reaffirms its commitment to the one-China principle and that Taiwan is part of China, he said Indonesia is confident about the prospects of bilateral relations and stands ready to consolidate the sound momentum of their development and work toward an even higher level of comprehensive strategic partnership.”
Next, there’s a report on Ding Xuexiang’s remarks at a symposium on the reform of the cultivation of outstanding engineers.
“Ding Xuexiang said that engineers are the main drivers of innovation in engineering and technological development and a crucial component of the nation’s strategic talent pool. General Secretary Xi Jinping has emphasised the need to further strengthen the independent cultivation of engineering and technical personnel and accelerate the building of a large-scale, outstanding engineering workforce. In recent years, the reform of outstanding engineer training has made positive progress, promoting industry-academia-research collaborative education, improving the quality of engineering education, and serving national strategic needs.” 丁薛祥表示，工程师是推动工程科技发展的创新主体，是国家战略人才力量的重要组成部分。习近平总书记强调，要进一步加大工程技术人才自主培养力度，加快建设规模宏大的卓越工程师队伍。近年来，卓越工程师培养改革取得积极进展，推动了产学研协同育人，促进了工程教育质量提升，服务了国家战略需求.
Ding said that the Fourth Plenum “has drawn a blueprint for China’s development in the next five years, and has made major arrangements for accelerating the building of the national strategic talent pool.” He called to “deeply study and implement the spirit of General Secretary Xi Jinping’s important instructions, implement the requirement of integrated development of education, science and technology, and talent, deepen engineering education reform, intensify efforts for cultivating outstanding engineers, and provide strong support for building a strong nation in education, science and technology, and talent.” 丁薛祥指出，党的二十届四中全会擘画了未来5年我国发展蓝图，对加快建设国家战略人才力量作出重大部署。我们要深入学习贯彻习近平总书记重要指示精神，落实教育科技人才一体发展要求，深化工程教育改革，加大卓越工程师培养力度，为建设教育强国、科技强国、人才强国提供有力支撑.
Ding Xuexiang emphasised the need to improve the training system for outstanding engineers, promote a systematic and regularized training mechanism, and involve more top universities and enterprises to enhance the overall training level of engineering and technical personnel. He stressed optimizing the training layout, closely aligning with the needs of modern industrial systems and engineering construction, and expanding into more urgently needed fields. He called for strengthening standard guidance and policy guarantees, enhancing the mentor team, deepening industry-education integration and university-enterprise cooperation, and improving the quality and efficiency of talent training. He also emphasized enhancing the internationalization of engineering education, promoting multilateral and bilateral mutual recognition of engineer qualifications and engineering education standards, and better serving enterprises’ ‘going global’ strategy. Relevant departments should fulfill their responsibilities, universities should shoulder the primary responsibility of cultivating virtue and talent, and enterprises should play a supporting role, building consensus and forming synergy to continuously achieve new results in the training of outstanding engineers.” 丁薛祥强调，要完善卓越工程师培养体系，推动机制化常态化培养，让更多一流高校和企业参与进来，提升工程技术人才整体培养水平。优化培养布局，紧扣现代化产业体系和工程建设需要，向更多急需领域拓展。强化标准引领和政策保障，加强导师队伍建设，深化产教融合、校企合作，提高人才培养质效。提升工程教育国际化水平，推进工程师资格和工程教育标准多双边互认，更好服务企业“走出去”。有关部门要履职尽责，高校要扛起立德树人主体责任，企业要发挥支撑作用，凝聚共识、形成合力，推动卓越工程师培养不断取得新成效.
Page 3: There’s an article by Meng Xiaoxu, from the Institute of Japan Studies of the Chinese Academy of Social Sciences. Meng argues that:
“Sanae Takaichi’s erroneous remarks on Taiwan disregard the political commitments made by successive Japanese governments to China, seriously violate the one-China principle, are a blatant provocation to China’s sovereignty and territorial integrity, and seriously undermine the political foundation of China-Japan relations. Sanae Takaichi mentioned that ‘Japan’s basic position on the Taiwan question is as stated in the 1972 China-Japan Joint Statement, and this position has not changed,’ yet is unwilling to completely reaffirm the specific essential meaning therein, concealing a refusal to recognise China’s legitimate right to independently handle the Taiwan question as a domestic matter, attempting to obstruct China’s great cause of reunification. Japan openly issues military threats to China using the Taiwan question, seriously violating the consensus between the two countries of being ‘cooperative partners that pose no threat to each other’, seriously damaging the stable development of China-Japan relations, and causing China-Japan relations to fall into tension.” 高市早苗涉台错误言论无视历届日本政府对中国作出的政治承诺，严重违反一个中国原则，是对中国主权和领土完整的公然挑衅，严重破坏中日关系的政治基础。高市早苗提及“日方在台湾问题上的基本立场如1972年《中日联合声明》所述，这一立场没有变化”，却不愿完整重申其中的具体要义，暗藏拒绝承认中国拥有自主处理作为内政的台湾问题的合法权利，妄图阻挠中国统一大业。日方借台湾问题公然对中国发出武力威胁，严重违背两国“互为合作伙伴，互不构成威胁”的共识，严重破坏中日关系的稳定发展，导致中日关系陷入紧张.
Sanae Takaichi’s comments on the Taiwan issue, linking it to the so-called ‘survival-threatening situation’, provide Japan with an excuse to circumvent its ‘pacifist constitution’ and exercise its right to collective self-defense, thus undermining regional security trust and the peaceful environment. Adhering to a pacifist approach is Japan’s public commitment to the international community after World War II, and a prerequisite for the international community to readmit Japan, which committed heinous crimes during World War II. International documents such as the Cairo Declaration and the Potsdam Declaration imposed a series of constraints on Japan, a defeated nation in World War II, requiring Japan to eradicate militarism and prohibiting rearmament. Japan’s constitution pledges to forever renounce war, the threat of force, or the use of force as a means of settling international disputes, establishing the principle of ‘exclusively self-defense’, all legal obligations of Japan as a defeated nation. Takaichi’s provocative words and actions undoubtedly damage regional stability and cooperation, exacerbating concerns about the intentions and direction of Japan’s military and security strategy. In the context of the so-called ‘survival-threatening situation’, Japan can at any moment create the next pretext and incorporate regional states into the scope of its exercise of collective self-defense. 高市早苗置喙台湾问题，并与所谓“存亡危机事态”挂钩，为日本突破“和平宪法”束缚、行使集体自卫权寻找借口，破坏地区安全互信与和平环境。坚守和平主义路线是战后日本对国际社会的公开承诺，也是国际社会重新接纳二战中犯下滔天罪行的日本的先决条件。《开罗宣言》《波茨坦公告》等国际文件对二战战败国日本作出了一系列约束，要求日本根除军国主义，禁止重新武装。日本在其宪法中承诺，永远放弃发动战争、武力威胁或以武力作为解决国际争端的手段，确立“专守防卫”原则，这些都是日本作为战败国的法律义务。高市早苗的挑衅言行无疑破坏地区稳定与合作氛围，加剧各方对日本军事安全战略的意图与走向的担忧。在所谓“存亡危机事态”语境下，日本可以随时制造出下一个借口，将地区国家纳入其行使集体自卫权的对象范围. (Note: Extrapolating all this from her remarks is purposeful distortion and fear-mongering.)
“Japan’s provocations over the Taiwan issue, aimed at becoming a military power, severely undermine the post-war international order established by the UN Charter and the Potsdam Declaration, impacting East Asian security and exacerbating the regional security crisis. The ‘right of collective self-defense’ stipulated in the UN Charter was created to safeguard the collective security of the international community and prevent the resurgence of fascist forces. One of the key arrangements for post-war East Asian security was the establishment of a pacifist path for Japan based on the post-war international order, which restricted Japan’s exercise of the right of collective self-defense. Japan, which has not deeply reflected on its history of wartime aggression, has disregarded its international legal obligations, unilaterally lifted restrictions on the exercise of collective self-defense through a cabinet resolution, substantially adjusted its security policy, accelerated the expansion of its defense budget, relaxed restrictions on weapons exports, plotted to abandon the ‘three non-nuclear principles’, sought to develop offensive weapons, and is walking further and further down the wrong path of military strengthening and arms expansion. The Takaichi administration has deliberately broken with the long-standing practice of toning down the military character of Japan’s Self-Defense Forces and intends to restore military rank terms such as ‘colonel’ from the former Imperial Japanese Army, attempting to revive militarism. Japan’s actions increase the risk of regional conflict and have become a major source of risk undermining regional peace and stability. 日本借台湾问题生事，谋求成为军事大国，严重冲击《联合国宪章》《波茨坦公告》等确立的战后国际秩序，冲击东亚安全，加剧地区安全困境。《联合国宪章》规定的“集体自卫权”是为维护国际社会集体安全、防止法西斯势力复活而创设的权利。战后东亚安全的关键安排之一就是基于战后国际秩序确立日本走和平主义路线，限制日本行使集体自卫权。而对二战侵略历史并未深刻反省的日本藐视国际法义务，擅自以内阁决议的形式解禁集体自卫权，大幅调整安保政策，加速扩增防卫预算，放宽武器出口限制，图谋放弃“无核三原则”，谋求发展进攻性武器，在强军扩武的错误道路上越走越远。高市政权蓄意打破日本自卫队淡化军事色彩的惯例，拟恢复“大佐”等部分旧日本军队的军阶用语，意图复活军国主义。日方的做法升高地区冲突风险，成为破坏地区和平稳定的重大风险源.
“The Taiwan question is not a ‘strategic bargaining chip’ that Japan can manipulate at will, and still less can it become an excuse for Japan’s external military expansion. Historically, Japanese militarism repeatedly launched wars of foreign aggression under the lies of so-called ‘survival-threatening situation’ and ‘emergency self-defense’, including the September 18 Incident of 1931 against China and the 1941 attack on Pearl Harbor against the United States. Today, the Takaichi administration is obsessed with historical revisionism, abandoning the lessons of defeat history, picking up militarist expansion rhetoric again, which will inevitably repeat past mistakes and harm Japan itself and regional stability. Tragedy must not be allowed to recur; all peace-loving forces, including the Japanese people, must unite to jointly block the Takaichi regime’s perverse actions and resolutely safeguard regional peace and stability.” 台湾问题不是日本可以随意摆弄的“战略筹码”，更不能成为日本用以对外军事扩张的借口。历史上，日本军国主义多次以所谓“存亡危机”和“紧急自卫”为谎言发动对外侵略战争，包括1931年对中国发起的九一八事变和1941年对美国发起的袭击珍珠港事件。如今，高市政权执念历史修正主义，抛弃战败历史教训，重拾军国主义扩张话术，必将重蹈覆辙，危害日本自身与地区稳定。悲剧不能重演，包括日本人民在内的各种和平力量必须团结起来，共同阻击高市政权的倒行逆施，坚决维护地区和平稳定.
Also on the page is a report on a global south think tank dialogue being held in Shanghai. The report says that 350 representatives from over 120 countries attended the meeting, jointly held by the Shanghai government and the ILD.
And there’s a report on the China Council for the Promotion of International Trade leading a delegation of Chinese entrepreneurs to the US. The delegation was hosted by USCBC. It also met with the US Semiconductor Industry Association (SIA) and its member companies. Global Times has a detailed report. It says:
“During the Wednesday meeting, Ren and SIA President and CEO John Neuffer exchanged views on topics such as advancing China-US cooperation in the semiconductor sector, strengthening multilateral collaboration, and safeguarding the stability and resilience of global industrial and supply chains, a post on the CCPIT’s official WeChat account said. SIA Vice President for Global Policy Mary Thornton, along with representatives from companies including Qualcomm, GlobalFoundries, onsemi, Nokia, Synopsys, Emerson, and accompanying Chinese business representatives, attended the meeting, per the CCPIT post. On the same day, the CCPIT also arranged for a Chinese business delegation to exchange views and hold discussions with the US-China Business Council (USCBC) and its member companies in Washington DC, according to a separate CCPIT post on its WeChat account on Thursday. Ren (Hongbin), who led the delegation, said that for half a century, the CCPIT and the USCBC have maintained close communication and cooperation, and have made positive contributions to strengthening the ties between Chinese and US enterprises, promoting bilateral trade and economic exchanges, and advancing the development of China-US relations. Ren said that the CCPIT stands ready to work with the USCBC to jointly implement important consensus reached by the leaders of the two countries during their meeting in Busan, South Korea, continue serving as a driver of China-US friendship, a promoter of mutually beneficial cooperation, and a guardian of stable and unimpeded global industrial and supply chains. He added that the CCPIT will contribute to deeper exchanges and cooperation between the business communities of both countries and help open a new and more successful chapter for the next 50 years.”
“More than 80 people participated in the meeting, including representatives from US companies such as FedEx, Thermo Fisher Scientific, PayPal, ExxonMobil, and Eurogallon, as well as representatives from Chinese companies such as China Post Express & Logistics, Industrial and Commercial Bank of China, Air China, Sany Group, and Pop Mart, according to the CCPIT.”
Page 4: There’s a report on an event held by the General Office of the NPCSC, the Propaganda Department and the Ministry of Justice on ‘Strengthening the Implementation of the Constitution and Promoting the Construction of Socialist Democracy and the Rule of Law.’ NPCSC Vice Chairman Li Hongzhong spoke at this meeting.
“He emphasised the need to adhere to Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era as the guide, study and implement Xi Jinping Thought on Rule of law and the major concept of whole-process people’s democracy, implement the deployments of the 20th Party Congress and its subsequent plenary sessions, promote the comprehensive implementation of the Constitution, and advance the construction of socialist democracy and the rule of law, providing a solid guarantee for comprehensively advancing the construction of a strong country and the great rejuvenation of the Chinese nation through Chinese-style modernisation.” 他强调，要坚持以习近平新时代中国特色社会主义思想为指导，学习贯彻习近平法治思想、全过程人民民主重大理念，贯彻落实党的二十大和二十届历次全会部署，推动全面贯彻实施宪法，推进社会主义民主法治建设，为以中国式现代化全面推进强国建设、民族复兴伟业提供坚实保障.
“Li Hongzhong pointed out that the Two Establishments are the fundamental reason for the historic achievements in the construction of socialist democracy and the rule of law and the implementation of the Constitution in the new era. It is essential to strengthen the four consciousnesses, enhance the four self-confidences, and achieve the two safeguards, raising our political positioning and our conscious action in fully implementing the Constitution We must uphold the organic unity of Party leadership, the people’s status as masters of the country, and the rule of law, integrating the implementation of the Constitution into all aspects of socialist democracy and the rule of law; strengthen the implementation and supervision of the Constitution and laws, effectively safeguarding the authority and dignity of the Constitution; and strengthen constitutional propaganda, education, and theoretical research, consolidating the ideological foundation for the comprehensive implementation of the Constitution. 李鸿忠指出，“两个确立”是新时代我国社会主义民主法治建设和宪法实施取得历史性成就的根本所在，要增强“四个意识”、坚定“四个自信”、做到“两个维护”，提高全面贯彻实施宪法的政治站位和行动自觉。要坚持党的领导、人民当家作主、依法治国有机统一，把宪法实施贯彻到社会主义民主法治建设各方面；加强宪法法律实施和监督，切实维护宪法权威和尊严；加强宪法宣传教育和理论研究，夯实全面实施宪法的思想基础.
Note: Take the time to let what he is saying sink in. Essentially, the argument is that Xi Jinping’s leadership and his Thought are what have allowed for the constitution to be implemented. This is not about processes and institutions. This is about the leadership of Xi Jinping empowering the constitution and not the constitution bestowing power upon him as the individual in authority.
Page 6: There’s a report informing that Lan Tianli, former deputy Party chief and former chairman of Guangxi Zhuang autonomous region, has been expelled from CPC. The chargesheet against him is interesting. He violated the “Party’s political discipline, organizational discipline, integrity discipline, and life discipline.” I don’t follow these religiously, but some of the highlighted bits seem newer.
Lan:
lost his ideals and convictions, betrayed his original aspiration and founding mission, violated the requirements of the new development philosophy and high-quality development, and applied and implemented the major decisions and arrangements of the Party Central Committee in a discounted and distorted manner
lost the principles of Party spirit, engaged in forming cliques and factions within the Party, cultivated personal power, engaged in speculation and opportunism, associated with political swindlers, and resisted organizational scrutiny
violated the spirit of the 8-point central regulations and illegally accepted banquets
violated organizational principles and illegally selected and appointed cadres;
abandoned the bottom-line of integrity and illegally accepted gifts and money;
had improper family conduct and failed in supervising and educating his family members;
showed no regard for laws and discipline, was insatiably greedy, used his position for the benefit of others in the contracting of engineering projects and in cadre selection and appointment, and illegally accepted huge sums of property.
经查，蓝天立丧失理想信念，背弃初心使命，违背新发展理念和高质量发展要求，贯彻落实党中央重大决策部署打折扣、搞变通，丧失党性原则，在党内搞拉帮结派，培植个人势力，搞投机钻营，结交政治骗子，对抗组织审查； 违反中央八项规定精神，违规接受宴请； 违反组织原则，违规选拔任用干部； 廉洁底线失守，违规收受礼品、礼金； 家风不正，对家人失管失教； 目无法纪，贪婪无度，利用职务便利为他人在工程项目承揽、干部选拔任用等方面谋利，并非法收受巨额财物。
Page 9: Today, there’s an article by Wu Qing, the Chairman of the China Securities Regulatory Commission. Wu writes that the Proposals issued after the Fourth Plenum “put forward the need to enhance the inclusiveness and adaptability of the capital-market system and to improve the capital market’s functions of coordinating investment and financing. This is a major strategic arrangement…”
In the first section of the article, he explains the “great significance of enhancing the inclusiveness and adaptability of the capital-market system.”
Since the 18th Party Congress, General Secretary Xi Jinping has attached great importance to the capital market, issuing a series of important instructions and directives. The 2023 Central Financial Work Conference proposed accelerating the establishment of a safe, regulated, transparent, open, vibrant, and resilient capital market. The 2024 Central Economic Work Conference stated the need to deepen comprehensive investment and financing reform of the capital market, clear up blockages and bottlenecks to long-term capital entering the market, and strengthen the inclusiveness and adaptability of the capital-market system. The July 30, 2025 meeting of the Politburo emphasised enhancing the attractiveness and inclusiveness of the domestic capital market and consolidating the momentum of stabilization and improvement. 党的十八大以来，习近平总书记对资本市场高度重视，先后作出一系列重要指示批示。2023年中央金融工作会议提出，加快建设安全、规范、透明、开放、有活力、有韧性的资本市场。2024年中央经济工作会议指出，深化资本市场投融资综合改革，打通中长期资金入市卡点堵点，增强资本市场制度的包容性、适应性。2025年7月30日中央政治局会议强调，增强国内资本市场的吸引力和包容性，巩固资本市场回稳向好势头.
The ‘Opinions of the State Council on Strengthening Supervision, Preventing Risks, and Promoting High-Quality Development of the Capital Market’ (Nine National Guidelines) also made arrangements for enhancing the competitiveness of the capital market system and improving its inclusiveness towards new industries, new business models, and new technologies. During the 14th FYP period, the scale of the capital market expanded steadily, the system was continuously improved, its functions continued to be brought into play, and important steps were taken in serving high-quality development. Currently, the new journey of building a modern socialist country in all respects has achieved a good start, and China’s high-quality development is being steadily advanced. But it must also be noted that the world is undergoing profound changes unseen in a century at an accelerated pace, and the internal and external development environments have undergone complex and profound changes. All this puts forward new tasks and new requirements for the functioning of the capital market. Therefore, enhancing the inclusiveness and adaptability of the capital-market system is of great significance. 《国务院关于加强监管防范风险推动资本市场高质量发展的若干意见》（以下简称新“国九条”）也对增强资本市场制度竞争力、提升对新产业新业态新技术的包容性作出部署。“十四五”时期，资本市场规模稳步扩大，体系不断健全，功能持续发挥，服务高质量发展迈出重要步伐。当前，全面建设社会主义现代化国家新征程实现良好开局，我国高质量发展扎实推进。也要看到，世界百年未有之大变局加速演进，内外部发展环境发生复杂深刻变化。这些都对资本市场功能作用发挥提出了新任务、新要求，提高资本市场制度包容性、适应性，意义重大.
He then makes four points about enhancing the inclusiveness and adaptability of the capital-market system.
This is an urgent requirement for better serving the development of new-quality productive forces. General Secretary Xi Jinping has emphasised that during the 15th FYP period, the development of new quality productive forces suited to local conditions must be placed in a more prominent strategic position. Innovation begins with science and technology, flourishes with industry, and is accomplished through capital. A vibrant and competitive capital market is increasingly becoming a key force driving the development of science and technology industries. Using the capital market as a hub, accelerating the construction of an ecosystem supporting technological innovation, and better leveraging the unique role of the capital market in risk-sharing and benefit-sharing, will help promote the optimal allocation of innovation resources, steadily improve total factor productivity, and promote the deep integration of technological and industrial innovation. （一）这是更好服务新质生产力发展的迫切要求。习近平总书记强调，“十五五”时期，必须把因地制宜发展新质生产力摆在更加突出的战略位置。创新始于科技、兴于产业、成于资本，活跃、有竞争力的资本市场正日益成为推动科技产业发展的关键力量。以资本市场为枢纽，加快构建支持科技创新的生态，更好发挥资本市场风险共担、利益共享的独特作用，有利于促进创新资源优化配置，稳步提高全要素生产率，推动科技创新和产业创新深度融合.
This is an inherent requirement for ensuring that the fruits of development benefit the vast majority of the people. The Fourth Plenary Session of the 20th CPC Central Committee proposed that realising the people’s aspirations for a better life is the starting point and ultimate goal of Chinese-style modernisation. China has over 200 million stock investors and over 700 million fund investors. The capital market is an important platform for the people to share the fruits of the real economy’s development. Since the implementation of the new Nine National Guidelines, the capital market has generally maintained a steady and positive trend, achieving 2.4 trillion yuan in cash dividends for investors in 2024, and the willingness and demand of ordinary people to manage their personal wealth through the capital market have further increased. This requires the capital market to provide richer and higher-quality financial products and services, and gradually broaden the channels for increasing residents’ property income. （二）这是促进发展成果惠及广大人民的应有之义。党的二十届四中全会提出，实现人民对美好生活的向往是中国式现代化的出发点和落脚点。我国有2亿多股票投资者、7亿多基金投资者，资本市场是人民群众分享实体经济发展成果的重要平台。新“国九条”落地实施以来，资本市场总体保持回稳向好势头，2024年实现投资者现金分红2.4万亿元，老百姓通过资本市场管理个人财富的意愿和诉求进一步增强。这要求资本市场提供更加丰富、更高质量的金融产品和服务，逐步拓宽增加居民财产性收入的渠道.
This is an inevitable requirement for promoting the high-quality development of the capital market and building a strong financial nation. The Proposals point out the need to establish and improve a fully functional capital market. The new Nine National Guidelines require that by 2035, a highly adaptable, competitive, and inclusive capital market should be basically established. Finance is a battleground in great power competition, and in the operation of modern finance, the capital market is such that ‘pulling one strand moves the whole body.’ Improving the inclusiveness and adaptability of the capital market system is conducive to promoting the continuous improvement of market structure and development quality, further enhancing the core competitiveness and international influence of China’s capital market, and providing important support for building a strong financial nation. （三）这是推动资本市场高质量发展和金融强国建设的必然要求。《建议》指出，建立健全功能完善的资本市场。新“国九条”要求，到2035年基本建成具有高度适应性、竞争力、普惠性的资本市场。金融是大国博弈的必争之地，资本市场在现代金融运行中“牵一发而动全身”。提高资本市场制度包容性、适应性，有利于推动市场结构和发展质量的持续改善，进一步提升我国资本市场核心竞争力与国际影响力，为金融强国建设提供重要支撑。
This is an important aspect of building a higher-level open economy. The Proposals point out that adhering to open cooperation and mutual benefit is an inevitable requirement for Chinese-style modernisation. On the one hand, the international balance of power is undergoing profound adjustments, the international economic and trade order is facing severe challenges, and the volatility of the international financial market has increased; on the other hand, China’s economy has demonstrated strong resilience and vitality, especially following the recovery in valuation of RMB assets since 2025, which has further enhanced the willingness of global capital to invest in the domestic capital market. Institutional opening-up will further enhance the attractiveness and inclusiveness of the capital market, facilitate cross-border investment and financing activities, and help smooth the domestic and international dual circulation and build a unified national market. （四）这是建设更高水平开放型经济的重要内容。《建议》指出，坚持开放合作、互利共赢是中国式现代化的必然要求。一方面，国际力量对比发生深刻调整，国际经济贸易秩序遇到严峻挑战，国际金融市场波动性加大；另一方面，我国经济展现出强大韧性和活力，特别是2025年以来人民币资产估值修复，进一步增强了全球资本投资国内资本市场的意愿。通过制度型开放，进一步增强资本市场吸引力和包容度，有利于进一步便利跨境投融资活动，助力畅通国内国际双循环和构建全国统一大市场.
In the second section, Wu outlines the connotation and main principles for enhancing the inclusiveness and adaptability of the capital-market system.
China’s economy boasts a stable foundation, numerous advantages, strong resilience, and great potential. The supporting conditions and basic trend for long-term positive development remain unchanged, providing a solid foundation and favorable conditions for the stable and healthy operation of the capital market during the 15th FYP period. However, it must also be noted that issues related to the quality of capital market development remain prominent. The structure of listed companies needs optimization, the scale and guiding role of medium- and long-term funds entering the market are still insufficient, and the increasing external risks combined with internal vulnerabilities present numerous difficulties and challenges. We must adhere to a goal-oriented and problem-oriented approach, focusing on improving the capital market’s function of coordinating investment and financing, further comprehensively deepening capital market reform, and continuously enhancing the inclusiveness, adaptability, attractiveness, and competitiveness of the capital market system.” 我国经济基础稳、优势多、韧性强、潜能大，长期向好的支撑条件和基本趋势没有变，“十五五”时期资本市场平稳健康运行具备良好的基础和条件。同时也要看到，资本市场发展质量问题仍然突出，上市公司结构有待优化，中长期资金入市规模和引领作用仍存不足，外部输入性风险加大与内部脆弱性因素交织叠加，困难挑战不少。要坚持目标导向、问题导向，紧紧围绕健全投资和融资相协调的资本市场功能，进一步全面深化资本市场改革，持续提高资本市场制度包容性、适应性和吸引力、竞争力.
In this context, he outlines three broad goals:
First, provide stronger support for sci-tech innovation. In line with the characteristics of technology enterprises, i.e., large R&D investment, high operational uncertainty, and long profit cycles, we must intensify the implementation of more inclusive systems for issuance and listing, mergers and acquisitions, and restructuring, and solidly do a good job with the financial ‘five major articles’.
Second, better satisfy investors’ diversified wealth-management needs. Adhering to an investor-centered approach, we must work to build a multi-level, three-dimensional market system and product-service matrix, continuously broaden the channels for medium- and long-term funds to enter the market, and consistently enhance investors’ sense of gain.
Third, strengthen regulation and risk prevention and control in a more precise and efficient manner. We must promptly follow changes in innovation and development trends in domestic and international capital markets, improve the scientific nature and effectiveness of regulation, strengthen tech-empowered regulation, and enhance capabilities for risk monitoring, early warning, and handling, ensuring the capital market remains continuously stable and active. In this process, the following principles need to be grasped.
一是更大力度支持科技创新。适应科技企业研发投入大、经营不确定性大、盈利周期长等特征，加力实施更具包容性的发行上市、并购重组等制度，扎实做好金融“五篇大文章”。二是更好满足投资者多元化财富管理需求。坚持投资者为本，着力打造多层次、立体化的市场体系和产品服务矩阵，持续拓宽中长期资金入市渠道，不断增强投资者获得感。三是更加精准高效加强监管和防控风险。及时跟进国际国内资本市场创新发展趋势变化，提升监管的科学性、有效性，强化科技赋能监管，增强风险监测预警处置能力，持续稳定和活跃资本市场。在此过程中，需把握好以下原则。
In pursuit of these goals, Wu outlines the following principles that must be adhered to:
Always uphold the political nature and people-centered nature of capital market work. The Party’s leadership is the most essential characteristic of the path of financial development with Chinese characteristics, and it is the greatest political advantage and institutional advantage for developing our country’s capital market. We must uphold the Party’s comprehensive leadership over capital-market work, ensuring that the capital market always maintains the correct direction of development. We must emphasize a people-centered value orientation, closely focusing on market needs and public demands to advance institutional reforms, and more effectively protect the legitimate rights and interests of investors, especially small and medium-sized investors. （一）必须始终践行资本市场工作政治性、人民性。党的领导是中国特色金融发展之路最本质的特征，是我国发展资本市场最大的政治优势、制度优势。必须坚持党对资本市场工作的全面领导，确保资本市场始终保持正确的发展方向。突出以人民为中心的价值取向，紧紧围绕市场所需、群众所呼推进制度改革，更加有力有效保护投资者特别是中小投资者合法权益.
Better coordinate the development of investment and financing. The capital market is a rich and complex ecosystem where investment and financing are two sides of the same coin, mutually reinforcing and promoting each other. We must adhere to a systemic perspective, enhance the overall and coordinated nature of our work, pay attention to the overall balance of quantity, and focus even more on the continuous improvement of quality, assisting in accelerating the transformation of household savings into social investment, steadily optimizing financing structure, and promoting the coordinated development of primary and secondary markets. （二）必须更好统筹投资与融资协调发展。资本市场是一个内涵丰富、机理复杂的生态体系，投资与融资一体两面、相辅相成、相互促进。坚持系统观念，增强工作的整体性、协同性，要注意量的总体平衡，更要注重质的持续提升，助力居民储蓄加快转化为社会投资，稳步优化融资结构，促进一二级市场协调发展.
Make good use of the key strategy of reform and opening up. China’s capital market is a product of reform and opening up. We must adhere to the reform direction of marketization, legalization, and internationalization, and focus on removing institutional and systemic obstacles that restrict the inclusiveness and adaptability of the capital market system, further stimulating market vitality and strengthening market functions. We must uphold the combination of an effective market and a proactive government, improve the system of fundamental institutions for the capital market, and enhance the stability, continuity, and predictability of policies. Through opening up, promote reform and promote development, and steadily expand high-level, institutional opening up of the capital market. （三）必须用好改革开放关键一招。我国资本市场是改革开放的产物。必须坚持市场化、法治化、国际化改革方向，着力破除制约提高资本市场制度包容性、适应性的体制机制性障碍，进一步激发市场活力，强化市场功能。坚持有效市场和有为政府相结合，完善资本市场基础制度体系，提高政策的稳定性、连续性和可预期性。以开放促改革、促发展，稳步扩大资本市场高水平制度型开放.
Take stable market operation as an important guarantee. Capital-market stability is the foundation for better functioning of the market, and it concerns the direct interests of hundreds of millions of investors as well as social expectations and confidence. We must always put risk prevention in the foremost position, uphold bottom-line thinking and extreme-case thinking, properly handle the relationship between reform, development, and stability, and under the unified coordination of the Central Financial Commission, work with all parties to do a good job in preventing and handling major risks and hazards, striving to promote the stable and healthy development of the capital market.（四）必须以市场稳定运行为重要保障。资本市场稳定是市场功能更好发挥的基础，更关乎亿万投资者切身利益、关乎社会预期和信心。必须始终把防风险放在首要位置，坚持底线思维、极限思维，处理好改革发展稳定的关系，在中央金融委的统筹下，协同各方做好重大风险隐患的预防处置，努力推动资本市场平稳健康发展.
In the final section, Wu outlines 6 tasks and measures for enhancing the inclusiveness and adaptability of the capital-market system during the 15th FYP period. He says:
First, actively develop direct financing such as equity and bonds. This is a task explicitly proposed in the Proposals and a key measure to improve the inclusiveness and adaptability of the capital-market system. We should take the deepening of the reforms of the Science and Technology Innovation Board (STAR Market) and the ChiNext Board as a starting point, actively develop diversified equity financing, and enhance our ability to provide full-chain and full-lifecycle services to real economy enterprises. Further improve the institutional mechanisms for identifying and screening technology innovation enterprises and for price formation, and more accurately and effectively support high-quality enterprises in issuing and listing. Continuously improve the high-standard and professional service capabilities of intermediary institutions. Actively develop private equity and venture capital funds. Improve the multi-tiered bond market system, vigorously develop science and technology innovation bonds and green bonds, and steadily develop real estate investment trusts and asset securitization. Improve the layout of futures products and their industrial service functions. （一）积极发展股权、债券等直接融资。这是《建议》明确提出的任务，也是提高资本市场制度包容性、适应性的关键举措。要以深化科创板、创业板改革为抓手，积极发展多元股权融资，提升对实体企业的全链条、全生命周期服务能力。进一步健全科技创新企业识别筛选、价格形成等制度机制，更加精准有效地支持优质企业发行上市。持续提升中介机构高标准专业化服务能力。积极发展私募股权和创投基金。健全多层次债券市场体系，大力发展科创债券、绿色债券等，稳步发展不动产投资信托基金和资产证券化。完善期货品种布局和产业服务功能.
Second, promote the cultivation of more listed companies that embody high-quality development requirements. Listed companies are the foundation of the capital market; we must make greater efforts to promote optimization of the structure of listed companies and to enhance investment value. Continuously deepen reform of the mergers-and-acquisitions and restructuring market, enhance the flexibility and convenience of the refinancing mechanism, support listed companies in transformation and upgrading, in becoming better and stronger, in developing new-quality productive forces, and help cultivate more world-class enterprises. Research and perfect the incentive and constraint mechanisms for listed companies, stimulating entrepreneurial spirit and the vitality of talent innovation and creation. Urge and guide listed companies to strengthen their consciousness of giving returns to investors, and more proactively carry out cash dividends, share buybacks and cancellations, etc. Consolidate and deepen the normalized delisting mechanism, unblock diversified exit channels, and further improve the market ecology of orderly entry and exit and survival of the fittest. （二）推动培育更多体现高质量发展要求的上市公司。上市公司是资本市场之基，要更大力度推动优化上市公司结构、提升投资价值。持续深化并购重组市场改革，提升再融资机制灵活性、便利度，支持上市公司转型升级、做优做强，发展新质生产力，助力培育更多世界一流企业。研究完善上市公司激励约束机制，激发企业家精神和人才创新创造活力。督促和引导上市公司强化回报投资者的意识，更加积极开展现金分红、回购注销等。巩固深化常态化退市机制，畅通多元退出渠道，进一步健全进退有序、优胜劣汰的市场生态.
Third, create a more attractive institutional environment for ‘long-term money making long-term investments’. We must continue to actively create conditions to build a market environment in which medium- and long-term funds are ‘willing to come, able to stay, and able to develop well,’ and promote the establishment and improvement of long-cycle assessment mechanisms for all types of medium- and long-term funds, raising the scale and proportion of their investment in A-shares. Solidly advance public-fund reform, promote the implementation and landing of assessment and incentive-constraint mechanisms that are tied to investors’ interests, vigorously develop equity public funds, and promote the high-quality development of index investing. Promote the smooth functioning of the ‘fundraising–investment–management–exit’ cycle for private equity and venture-capital funds, and intensify cultivation and expansion of patient capital, long-term capital, and strategic capital.” （三）营造更具吸引力的“长钱长投”制度环境。要继续积极创造条件构建中长期资金“愿意来、留得住、发展得好”的市场环境，推动建立健全对各类中长期资金的长周期考核机制，提高投资A股规模和比例。扎实推进公募基金改革，推动与投资者利益绑定的考核评价和激励约束机制落实落地，大力发展权益类公募基金，推动指数化投资高质量发展。促进私募股权和创投基金“募投管退”循环畅通，加力培育壮大耐心资本、长期资本和战略资本.
Fourth, focus on enhancing the scientific rigour and effectiveness of capital-market supervision. Financial innovation iterates and updates rapidly and has obvious pro-cyclical and strong spillover characteristics. We must adapt to the rapid development and changes of the market, accelerate the building of an all-round, three-dimensional securities and futures regulatory system, and perfect the monitoring and supervision mechanisms for financial innovation activities and risk response. Strengthen strategic force reserves and market stabilisation mechanism construction, strengthen the prevention and resolution of risks in key areas and cross-market, cross-industry, cross-border risks, and continuously enhance the intrinsic stability of the capital market. Make good use of big data, AI, and other modern information technology tools to efficiently identify clues of violations and hidden risks. Uphold law-based supervision and classified supervision, and severely crack down on malicious illegal acts such as financial fraud, fraudulent issuance, market manipulation, and insider trading, safeguarding an open, fair, and just market order. （四）着力提升资本市场监管的科学性、有效性。金融创新更新迭代快，具有明显的顺周期性和强外溢性。要适应市场的快速发展变化，加快构建全方位、立体化的证券期货监管体系，完善对金融创新活动的监测监管和风险应对机制。加强战略性力量储备和稳市机制建设，强化重点领域风险和跨市场跨行业跨境风险防范化解，持续提升资本市场内在稳定性。运用好大数据、人工智能等现代信息技术手段，高效识别违法违规线索和风险隐患。坚持依法监管、分类监管，严厉打击财务造假、欺诈发行、市场操纵和内幕交易等恶性违法行为，维护公开公平公正的市场秩序.
Fifth, steadily expand high-level, institution-based opening-up of the capital market. Openness and inclusiveness are important characteristics of a high-quality capital market. We must persist in taking ourselves as the primary focus/principal (以我为主) and proceed step by step, promote coordinated development of onshore and offshore markets, promote efficient capital flow, rational allocation of factors, and mutual learning and reference of institutions, and enhance the international competitiveness of China’s capital market. Support enterprises in making good use of both domestic and international markets and both types of resources. Perfect the qualified foreign investor system, steadily and prudently expand interconnection and intercommunication, and further enhance the convenience of foreign capital and foreign institutions’ participation in China’s capital market. Accelerate the construction of world-class exchanges, and cultivate first-class investment banks and investment institutions. Accelerate advancement of Shanghai International Financial Center construction and consolidate and enhance Hong Kong’s position as an international financial center. （五）稳步扩大资本市场高水平制度型开放。开放包容是高质量资本市场的重要特征。要坚持以我为主、循序渐进，推动在岸与离岸市场协同发展，促进资本高效流动、要素合理配置和制度互学共鉴，提高我国资本市场国际竞争力。支持企业用好国内国际两个市场、两种资源。完善合格境外投资者制度，稳慎拓展互联互通，进一步提升外资和外资机构参与我国资本市场的便利度。加快建设世界一流交易所，培育一流投资银行和投资机构。加快推进上海国际金融中心建设和巩固提升香港国际金融中心地位.
Sixth, jointly foster a standardised, inclusive, and vibrant capital-market ecosystem. Strengthen the rule-of-law construction of the capital market, promote revisions to the Securities Law and the Securities Investment Fund Law, and formulate or revise administrative regulations such as the Regulations on the Supervision and Administration of Listed Companies and the Regulations on the Supervision and Administration of Securities Companies, actively creating an open, fair, and just market environment. Promote the improvement of investor protection mechanisms such as special representative litigation, strengthen investor education and publicity, and advocate rational investment, value investment, and long-term investment. Strengthen the development of high-end think tank platforms and talent teams for the capital market, and reinforce research on strategic, foundational, and forward-looking issues concerning the capital market. Improve expectation management mechanisms, strengthen publicity and guidance, and promote the formation throughout society of a favorable public opinion atmosphere that encourages innovation and tolerates failure.” （六）共同营造规范、包容、有活力的资本市场生态。加强资本市场法治建设，推动修订证券法、证券投资基金法，制定修订上市公司监督管理条例、证券公司监督管理条例等行政法规，积极创造公开公平公正的市场环境。推动健全特别代表人诉讼等投资者保护机制，强化投资者教育宣传，倡导理性投资、价值投资、长期投资。加强资本市场高端智库平台和人才队伍建设，强化对资本市场战略性基础性前瞻性问题的研究。健全预期管理机制，加强宣传引导，推动全社会形成鼓励创新、包容失败的良好舆论氛围.
Page 15: On the international page, there are reports based on remarks by spokespersons of the Ministry of Foreign Affairs and Ministry of Commerce with regard to Japan. First, we have this exchange from the MoFA presser yesterday:
CCTV: Media reports say that on December 3 at a plenary session of the House of Councillors, Japanese Prime Minister Sanae Takaichi referred to the Sino-Japanese Joint Statement, saying that the Japanese side “understands and respects” the Chinese government’s position that “Taiwan is an inalienable part of the territory of the People’s Republic of China.” What is China’s comment?
Lin Jian: The reports have been proved to be inaccurate. Prime Minister Sanae Takaichi merely said that “the Japanese government’s basic position regarding Taiwan remains as stated in the 1972 Sino-Japanese Joint Statement, and there has been no change to this position,” and nothing more. China’s stance is very clear: We urge the Japanese side to reflect on and correct its wrongdoing, and retract Prime Minister Takaichi’s erroneous remarks. This is an issue of principle. The facts and Japan’s commitments are written down in black and white in historical records. We’ve been asking the Japanese side the same questions for days and still haven’t received an answer. Many have also criticized Prime Minister Takaichi’s remarks in and outside Japan. “No change to the position” is far from adequate and certainly unacceptable as a response to China. If the Japanese side’s fundamental position on Taiwan is indeed as stated in the 1972 Sino-Japanese Joint Statement, can Prime Minister Takaichi accurately and fully articulate that position? Why is the Japanese side unwilling to clearly state the commitments it has made and its legal obligations? What is the logic and motive driving this attitude? The Japanese side owes China and the international community an explanation.
In the Commerce Ministry’s briefing, there was a question about some Japanese firms reportedly considering reducing business in China amid the impact of China-Japan relations.
He Yadong responded by saying that “regarding Japanese Prime Minister Sanae Takaichi’s erroneous remarks concerning Taiwan, China has repeatedly clarified its solemn position, urging Japan to immediately correct its erroneous words and deeds, demonstrate its commitment to China with concrete actions, and create conditions for normal economic and trade cooperation between the two countries. If Japan persists in its unilateral actions, China will take necessary measures, and all consequences arising therefrom must be borne by the Japanese side.”
“China is the world’s second-largest consumer goods market, with the world’s largest middle-income group, harbouring huge potential for investment and consumption. Meanwhile, China is committed to high-quality development, and the green, digital, and intelligent transformation is accelerating, with strong industrial supporting capabilities, making it the best application scenario for the new round of technological revolution and industrial transformation. China has always been an ideal, safe, and promising investment destination for foreign businesses, and multinational companies, including Japanese-funded enterprises, have expressed optimism about the Chinese market. Since the beginning of this year, the number of newly established foreign-invested enterprises in China has reached 54,000, a year-on-year increase of 14.7 percent. China has always adhered to the basic state policy of opening up. The fourth plenary session of the 20th Central Committee of the Communist Party of China made a series of arrangements such as actively expanding independent opening-up and expanding space for two-way investment cooperation. “We welcome investors from all countries to invest and start businesses in China and share in China’s development opportunities.”