Xi on Strengthening Military Governance - Qin Ousted as FM - Xi Wants Patriotism from HK Youth - China-Pak Defense Cooperation - Wang at BRICS Meeting: Global South Must 'Resist External Interference'
Here are the key reports and articles that I found noteworthy from the People’s Daily's edition on Wednesday, July 26, 2023.
Page 1: The top story today is about the seventh group study session of the Politburo on Monday. This focussed on the high-quality governance of the armed forces. Zhao Dongbin, from the Academy of Military Sciences, was the expert invited to speak.
Xi told the session that “strengthening military governance in an all-round way is a profound change in the philosophy and methods of the Party's governance of the armed forces, a strategic requirement for accelerating the modernization of national defense and the military, and an important aspect of promoting the modernization of the national governance system and capabilities.” “It is necessary to fully implement the spirit of the 20th Party Congress, thoroughly implement the thought on strengthening the army in the new era, implement the military strategic guidelines for the new era, adhere to the absolute leadership of the Party over the military, uphold combat capability as the fundamental criterion, and persistently improve the socialist military system with Chinese characteristics, build a modern military governance system, improve modern military governance capabilities, promote the high-quality development of the army with high-level governance, and provide a strong guarantee for achieving the centennial goal of building a strong army.” 中共中央总书记习近平在主持学习时强调，全面加强军事治理是我们党治军理念和方式的一场深刻变革，是加快国防和军队现代化的战略要求，是推进国家治理体系和治理能力现代化的重要方面。要全面贯彻党的二十大精神，深入贯彻新时代强军思想，贯彻新时代军事战略方针，坚持党对军队绝对领导，坚持战斗力这个唯一的根本的标准，坚持和完善中国特色社会主义军事制度，构建现代军事治理体系，提高现代军事治理能力，以高水平治理推动我军高质量发展，为实现建军一百年奋斗目标提供有力保障.
Xi made the following points as per the report:
Since the 18th Party Congress, the Central Committee and the Central Military Commission have adhered to the absolute leadership of the Party over the armed forces and actively promoted the exploration and practice of military governance, especially by deepening the reform of national defense and the army, promoting the law-based governance, strengthening and improving military strategic management, thereby forming a series of brand-new institutional mechanisms, laws, regulations and policy systems, upholding and developing the socialist military system with Chinese characteristics in the new era, and effectively promoting the modernization of national defense and the military. 习近平在听取讲解和讨论后发表了重要讲话。他指出，党的十八大以来，党中央和中央军委在领导推进强军事业的进程中，坚持党对军队绝对领导，积极推进军事治理探索实践，特别是通过深化国防和军队改革、推进依法治军、加强和改进军队战略管理等，形成一系列全新的体制机制、法律法规、政策制度，在新时代坚持和发展了中国特色社会主义军事制度，有力促进了国防和军队现代化.
He emphasized that the profound changes unseen in a century are accelerating, with a new round of technological and military revolutions advancing swiftly. The construction of our army is at a critical stage in achieving the centenary goal of building a strong army. It is necessary to clearly understand the significance of comprehensively strengthening military governance, strengthen mission responsibility, carry forward the spirit of reform and innovation, intensify military governance, and promote the new development of the cause of strengthening the military with new military governance. 习近平强调，世界百年未有之大变局加速演进，新一轮科技革命和军事革命迅猛发展，我军建设正处在实现建军一百年奋斗目标的关键时期。要认清全面加强军事治理的重要意义，强化使命担当，发扬改革创新精神，加大军事治理工作力度，以军事治理新加强助推强军事业新发展。
He then argued that comprehensively strengthening military governance is a complex and systematic project involving all aspects of national defense and army building. It is necessary to strengthen the system concept, adhere to the problem orientation, strengthen the top-level design and strategic planning of military governance, strengthen governance in all domains and at all levels, and promote it in a planned and focused manner. It is necessary to strengthen overall planning, cross-departmental and cross-disciplinary coordination, and improve the systematicness, integrity and synergy of military governance. It is necessary to strengthen the management and supervision of military expenditure, deepen the governance of key areas, and promote the overall progress with key breakthroughs. It is necessary to further promote strategic management innovation, improve and perfect the mechanism of scientific demand generation, rapid response and effective implementation, and adopt a comprehensive and professional evaluation approach throughout the entire process to ensure smooth and efficient operations, thereby maximizing the overall efficiency of the military system. High-level organs and senior cadres should take the lead in emancipating their minds, innovating their working methods, promoting all work with the philosophy of governance, and enhancing their skills in systematic governance, law-based governance, comprehensive governance and governance at the source. It is necessary to attach great importance to grassroots governance, respect the dominant position and pioneering spirit of officers and soldiers, and promote the overall progress and comprehensive strength of grassroots construction. It is necessary to organically combine military governance with reform and the rule of law, consolidate and expand the achievements of national defense and military reform, deepen military legislation, strengthen the implementation and supervision of laws and regulations, give full play to the driving role of reform, and make good use of the fundamental approach of the rule of law to better promote military governance.” 习近平指出，全面加强军事治理是复杂系统工程，涉及国防和军队建设方方面面。要强化系统观念，坚持问题导向，加强军事治理顶层设计和战略谋划，加强各领域治理、全链路治理、各层级治理，有计划、有重点加以推进。要加强全局统筹，加强跨部门跨领域协调，提高军事治理系统性、整体性、协同性。要加强军费管理和监督，深化重点领域治理，以重点突破带动整体推进。要深入推进战略管理创新，健全完善需求科学生成、快速响应、有效落实机制，走开全过程专业化评估路子，确保链路顺畅高效，发挥军事系统运行整体效能。高层机关和高级干部要带头解放思想，创新工作方式，以治理的理念推进各项工作，增强系统治理、依法治理、综合治理、源头治理本领。要高度重视基层治理，尊重官兵主体地位和首创精神，推动基层建设全面进步、全面过硬。要把军事治理同改革和法治有机结合起来，巩固拓展国防和军队改革成果，深化军事立法工作，强化法规制度实施和执行监督，发挥好改革的推动作用，用好法治这个基本方式，更好推进军事治理各项工作.
He ended by calling on relevant departments of the central and state organs, local party committees and governments at all levels to strengthen national defense awareness, strengthen overall coordination, and fulfill their due responsibilities in the field of national defense construction. The military should establish good communication and coordination with local authorities, fully leveraging the role of military requirements in driving national defense construction. 中央和国家机关有关部门、地方各级党委和政府要强化国防意识，加强统筹协调，尽好国防建设领域应尽的责任。军队要同地方搞好沟通协调，充分发挥军事需求对国防建设的牵引作用.
Next, there’s a report on Xi’s letter to students of Pui Kiu Middle School in Hong Kong. Xi wrote:
“I am very pleased to learn that through participating in the burial ceremony for the remains of the volunteer soldiers in Korea and interacting with the ‘Tiangong’ astronauts, you have a deeper understanding of the pride of being Chinese and the mission and responsibility of being the young generation of Hong Kong. Patriotism lies at the core of the spirit of the Chinese nation. People in Hong Kong maintain the noble tradition of loving both the motherland and Hong Kong, which serves as a crucial cornerstone for the stable and enduring implementation of ‘one country, two systems’. I hope that you will combine reading thousands of books with travelling thousands of miles to gain a deep understanding of the general development trend of the world, a deep understanding of the history, culture and realities of the motherland, cultivate your feelings of family and country, hone your skills, and grow into talents worthy of great responsibilities as soon as possible, and actively contribute to the construction of a better Hong Kong and the realisation of national rejuvenation.” 你们好！来信收到了，得知你们通过参与在韩志愿军烈士遗骸归国安葬仪式、与“天宫”航天员互动等活动，更加深刻体会到身为中国人的自豪、身为香港年轻一代的使命与担当，我很欣慰。爱国主义是中华民族精神的核心，广大香港同胞素有爱国爱港光荣传统，这是“一国两制”行稳致远的重要基础。希望你们把读万卷书与行万里路结合起来，深刻认识世界发展大势，深入了解祖国的历史文化和现实国情，厚植家国情怀，锤炼过硬本领，早日成长为可堪大任的栋梁之才，为建设美好香港、实现民族复兴积极贡献力量.
Third, there’s a report on Xi’s congratulatory letter to Samdech Techo Hun Sen on his party’s electoral victory in Cambodia. Xinhua reports:
“It is good to see that Cambodia, under the correct leadership of the royal government headed by Hun Sen, has achieved political stability, economic development and better living standards, while the country's international and regional status has been continuously promoted, said Xi. The Chinese side will, as always, support Cambodia in pursuing a development path suited to its national conditions, Xi said. He also said that under the strong leadership of Hun Sen, the CPP will make new and greater contributions to national prosperity and people's happiness as well as peace, stability, development and prosperity of the region. Xi stressed that China and Cambodia belong to one community with a shared future, and the CPC highly regards its friendly cooperation with the CPP. He also expressed his willingness to work with Hun Sen to strengthen political guidance for bilateral relations, deepen exchanges and cooperation between the two parties and in other areas, and jointly build a high-quality, high-level and high-standard China-Cambodia community with a shared future in the new era to better benefit the two countries and their people.”
Next, there’s a report on the NPCSC session. Two major decisions announced were the removal of Qin Gang from the post foreign minister and Yi Gang from the post of governor of the People's Bank of China. In their place, Wang Yi and Pan Gongsheng were appointed.
Comment: Obviously, a lot of media energy has been focussed on understanding the changes in the foreign ministry. There is no official explanation for the change, apart from a brief mention of health reasons earlier this month being behind Qin’s absence from public view. It’s noteworthy that Qin was not removed from his position as State Councilor, which raises questions on whether this is a political purge. Searches for Qin’s name on the Ministry of Foreign Affairs website yield no results as of this morning. But that’s not the case with the State Council’s website. This is a peculiar decision, if it is a political purge. Anyway, I would wager that Wang’s appointment is a temporary one. Heading MoFA is a step down from his current position as Director of the Office of the Central Foreign Affairs Commission and was likely a product of a desire for continuity amid a turbulent time and hectic diplomatic season ahead. Anyway, given what we know so far, I would be cautious about reading this as a political setback for Xi Jinping’s power and stature in the system.
In addition to the personnel changes, Xinhua reports that a “draft amendment to the Criminal Law was reviewed at the session. The amendment focuses on better implementing the Party Central Committee's principles and policies regarding the fight against corruption and the protection of private enterprises in accordance with the law. It refines stipulations concerning the crime of offering bribes as well as corruption conducted by private enterprise personnel.”
Another report informs that the draft “adds six severe offenses related to bribing, said Wang Aili, chief of the criminal law department of the Commission of Legislative Affairs of the NPC Standing Committee, explaining the bill to the press. For instance, those who repeatedly offer bribes, offer bribes to more than one person and to state functionaries, will be given severer penalties, Wang said. Offering bribes to those involved in the country's key work areas, major national projects, or programs will be severe offenses. The revision also raises the penalty levels on bribers that are institutions and those offering bribes to institutions. Reckless attempts made by bribers to ‘hunt’ officials remain a main cause of corruption, Wang said. In China's judicial practices, bribers tend to face lighter penalties than those taking bribes, and the number of cases prosecuting bribers is fewer than those prosecuting grafters. Such lenient policies do not help curb corruption, Wang said. The legislature expects law enforcement and judicial agencies to change their working strategy that focuses more on grafters than bribers, Wang added.
“Regarding the revision of the provisions on crimes related to corruption inside private enterprises, Wang noted that the revision targets the behaviors of personnel in key positions inside private enterprises that infringe on the interests of enterprises and entrepreneurs due to graft. Wang said that in recent years, the most prominent manifestations of corruption within private enterprises include embezzlement, misappropriation, bribery, and the breach of trust. The revision of the Criminal Law adds provisions concerning intentional breach of trust by private-enterprise staff to harm the interests of enterprises, Wang said. Enterprise staff's illegal operation of the same type of business, illegally profiting for friends and relatives, and practicing irregularities for selfish ends by converting companies' assets to shares at a low price or selling them at a low price are defined as crimes in the draft revision, Wang went on to explain. The revision further strengthens the equal protection of private enterprises by extending provisions currently applicable to relevant personnel in state-owned companies and enterprises to the staff of private enterprises, Wang noted. The revision also further improves the crime system related to infringement on the property of private companies, including duty encroachment, embezzlement of funds, and other crimes already stipulated in the existing Criminal Law, as well as three crimes of breaching trust added by the draft revision, Wang said.”
Finally, if you are interested, there’s a review of how central and state organs have implemented the Xi thought thematic education campaign.
Page 2: First, there’s a report on Zhao Leji speaking to the Speaker of Pakistan's National Assembly Raja Pervaiz Ashraf via video link. Xinhua says:
“Hailing Pakistan for giving firm support to China on issues concerning China's core interests over a long period of time, Zhao said China is willing to strengthen strategic coordination with Pakistan and promote the building of an even closer China-Pakistan community of shared future in the new era. It is hoped that the two sides will deepen all-round practical cooperation, push the China-Pakistan Economic Corridor to a new level, strengthen friendly people-to-people exchanges, continue to closely coordinate and cooperate on international and regional issues and make global governance more just and equitable, he added. China hails Pakistan for taking the lead in supporting the Global Development Initiative and the Global Security Initiative, and joining the Group of Friends of the Global Development Initiative, Zhao said. ‘We welcome Pakistan's support for and participation in China's proposals and initiatives, and jointly promote the effective implementation of relevant initiatives,’ he added. Zhao said the NPC is willing to work with Pakistan's National Assembly to strengthen exchanges, carry out exchanges on governance experience, timely issue and approve legal documents conducive to bilateral cooperation, and provide legal guarantee for the construction of the China-Pakistan Economic Corridor and high-quality development of the Belt and Road Initiative. Ashraf said Pakistan firmly supports China's core interests and stands ready to work with China to strengthen the construction of the China-Pakistan Economic Corridor and jointly build the Belt and Road.”
Second, a report on Defense Minister Li Shangfu meeting with Pakistan Air Force Chief Zaheer Ahmad Babar in Beijing. Xinhua says:
“Li said during the meeting that China and Pakistan are all-weather strategic cooperative partners and iron-clad friends. The two sides should promote close cooperation in all fields and build an even closer China-Pakistan community with a shared future in the new era, he said. The air forces of the two countries should enhance their collaborative capability through joint exercises, Li added. The Pakistan Air Force is willing to further promote exchanges with the Chinese side in fields such as combat and equipment, so as to make positive contributions to jointly coping with ever-changing regional security challenges, Babar said.”
I am offering below a brief recap of recent engagements between Chinese and Pakistani military leaders:
In late April, Pakistan’s Chief of Army Staff (COAS) General Asim Munir was in Beijing. China was Munir’s fourth international visit since his appointment in November 2022. Munir met with CMC Vice Chair Zhang Youxia. Pakistani reports said that the two sides discussed “mutual security interests” and “both military commanders reiterated the need for maintaining peace and stability in the region, and enhancing military to military cooperation.” Chinese reports said: Zhang stated that “Chinese military is willing to work with the Pakistani military to further deepen and expand practical cooperation, continuously push mil-to-mil relationship to a higher level, and jointly safeguard the common interests of the two countries, as well as the regional peace and stability.” Munir was quoted as saying that the “Pakistani side is willing to further strengthen strategic communication, practical exchanges and counter-terrorism cooperation with the Chinese military, jointly enhance the abilities to respond to various security challenges, and contribute to international and regional peace and stability.”
In May, Pakistan’s navy chief Amjad Khan Niazi visited Beijing. During the visit, he attended a ceremony during which China delivered two Type 054A/P frigates naval frigates to the Pakistan Navy in addition to the two delivered earlier. Xinhua reported Li Shanfgu as saying that “relations between the militaries of the two countries are an important part of China-Pakistan relations, and cooperation between the two sides in various fields, including the two navies, has achieved good results. Li said the militaries of the two countries should expand new exchange areas, create new cooperation highlights, and work together to safeguard the security interests of both countries and the region. Admiral Muhammad Amjad Khan Niazi said the Pakistani Navy is willing to establish a closer cooperation mechanism with the Chinese Navy, further deepen pragmatic exchanges and cooperation, and jointly safeguard regional security and stability.”
In June, the Chairman of the Joint Chiefs of Staff Committee of the Pakistan Army Sahir Shamshad Mirza was in Beijing. He met with Zhang Youxia who talked about the need to “push for deeper and more solid defense and security cooperation, and jointly safeguard international and regional peace and stability.” Mirza reportedly said that the “Pakistani military is willing to deepen cooperation with the Chinese military in various fields such as high-level exchanges, joint training and exercises, counter-terrorism and stability maintenance, in a bid to safeguard common interests and promote common development.” Also during this visit, Mirza met with Qin Gang, who was rather blunt in calling on the Pakistani military to “continue to play its role as the anchor of stability by safeguarding domestic stability and contributing to the building of a China-Pakistan community of shared future.”
Moving on, there’s a report in the paper on Wang Yi’s remarks at the BRICS NSAs meeting.
Wang said that after more than 10 years of development, the BRICS countries have become an important platform for emerging markets and developing countries seeking strength through unity. He added that BRICS countries have strived to “enhance the discourse power and influence of emerging market countries and developing countries, and continuously inject positive energy into the chaotic and intertwined world, which is the embodiment of BRICS cooperation. Under the new situation, we must grasp the future development direction of the BRICS countries, further strengthen political mutual trust and strategic coordination, continue to provide international public goods that meet the requirements of the times, and strive to translate the BRICS spirit of openness, inclusiveness, and win-win cooperation into practical actions…” 王毅表示，经过十几年发展，金砖国家已成为新兴市场国家和发展中国家联合自强的重要平台。我们顺应时代潮流，站在历史正确一边，站在人类进步一边，这是金砖合作的底气所在。我们持续推进政治安全、经贸财金、人文交流“三轮驱动”合作，取得丰硕成果，这是金砖合作的信心来源。我们努力提升新兴市场国家和发展中国家的话语权和影响力，为变乱交织的世界不断注入正能量，这是金砖合作的能力体现。新形势下，我们要把握好金砖国家未来发展方向，进一步加强政治互信和战略协作，不断提供符合时代要求的国际公共产品，努力将开放包容、合作共赢的金砖精神转化为实际行动，擦亮金砖合作“金字招牌”.
He added that in order to “meet the current global security challenges and solve the security dilemma, we should adhere to the premise of mutual respect, abide by the purposes and principles of the UN Charter, respect each other's legitimate security concerns, and respect the right of countries to choose their own political systems and development paths. We must adhere to multilateralism, safeguard the multilateral system with the UN at the core, resist unilateralism and hegemonic actions, and oppose destroying the ‘big family’ of multilateral cooperation through the creation of closed and exclusive ‘small circles’. We must adhere to the principle of fairness and justice, follow international law and universally recognized norms of international relations, resolve disputes through dialogue, resolve differences through consultation, and oppose ‘decoupling and breaking the chain’ and ‘double standards’. We must adhere to the path of unity and cooperation, integrate national security into common security, and work together to deal with various security challenges in the spirit of win-win cooperation, and oppose zero-sum game and Cold War mentality.” 王毅指出，应对当前全球安全挑战、破解安全困境，要坚持以相互尊重为前提，恪守联合国宪章宗旨和原则，尊重彼此合理安全关切，尊重各国选择政治制度和发展道路的权利。要坚持以多边主义为遵循，维护以联合国为核心的多边体系，抵制单边主义和霸权行径，反对以封闭排他“小圈子”破坏多边合作“大家庭”。要坚持以公平正义为要旨，遵循国际法和公认的国际关系准则，以对话解争端、以协商化分歧，反对“脱钩断链”和“双重标准”。要坚持以团结合作为路径，将本国安全寓于共同安全之中，以合作共赢精神，携手应对各类安全挑战，反对零和博弈和冷战思维。
Wang Yi emphasized that “the ‘Global South’ is a collection of emerging market countries and developing countries, reflecting our collective rise on the international stage. Countries in the ‘Global South’ are faced with the important mission of resisting external interference and infiltration, and maintaining political security and regime security. We should maintain strategic determination and self-confidence, unswervingly follow our own paths, support each other on issues concerning each other’s core interests and major concerns, and take practical actions to respond to all the voices that sow discord in BRICS unity and smear BRICS cooperation. It is necessary to continuously deepen South-South cooperation, lead the Global South to unite and strengthen itself, jointly safeguard national security and stability, and promote the construction of an equitable and orderly multipolar world.” 王毅强调，“全球南方”是新兴市场国家和发展中国家的集合体，体现了我们在国际舞台上的群体性崛起。“全球南方”国家面临抵制外部干预渗透、维护政治安全和政权安全的重要使命。我们要保持战略定力与自信，坚定不移走好自己的路，在涉及彼此核心利益和重大关切问题上相互支持，以实际行动回击一切挑拨金砖团结、抹黑金砖合作的杂音。要不断深化南南合作，引领“全球南方”团结自强，共同维护国家安全稳定，推动建设平等有序的多极世界.
He added that “China is willing to work with BRICS partners to support each other's efforts to maintain national security and stability, and to carry out more practical cooperation in dealing with international security challenges…”
The reports ends with the following:
All parties “exchanged in-depth views on issues such as current security challenges, counter-terrorism and cyber security, food and water security, and energy security, and reached broad consensus. All parties indicated that in the face of various security challenges, BRICS countries should carry forward the ‘BRICS spirit’, support multilateralism, build a multipolar world, oppose unilateral sanctions, jointly combat terrorism, extremism and transnational crimes, work together to address global challenges such as network, food security and climate change, promote the reform of global governance system, enhance the representation and voice of developing countries, and promote the democratization of international relations.” 会议围绕当前安全挑战、反恐和网络安全、粮食和水安全、能源安全等议题深入交换意见，达成广泛共识。各方表示，面对各种安全挑战，金砖国家要弘扬“金砖精神”，支持多边主义，建设多极世界，反对单边制裁，共同打击恐怖主义、极端主义、跨国犯罪，携手应对网络、粮食安全和气候变化等全球性挑战，推动全球治理体系改革，提升发展中国家的代表性和发言权，促进国际关系的民主化.
Next, there’s a report on China-Nicaragua FTA negotiations. Xinhua reports:
“Chinese Minister of Commerce Wang Wentao and Nicaragua's Minister of Development, Industry and Trade Jesus Bermudez announced Tuesday that the two countries have substantively completed their free trade agreement (FTA) negotiations…The two sides have agreed to step up relevant technical preparations and fulfill domestic ratification procedures in order to sign and implement the agreement at an early date, according to the Ministry of Commerce.”
Finally, there’s a Zhong Sheng commentary pushing back against criticism of Chinese port investments around the world.
It argues that Chinese port investments under BRI have promoted “local employment, infrastructure improvement and economic development” and provided “excellent services.” However, “some people in the United States look at the cooperation between Chinese and foreign ports with coloured lenses, fabricating and exaggerating the theory of ‘the threat of Chinese investment in global ports’, hyping that these ports ‘are more likely to provide support for the Chinese navy’ and ‘obvious geopolitical risks’. These unfounded accusations politicize, ideologize and securitise normal business cooperation. Their aim is to smear and unreasonably suppress Chinese enterprises in order to maintain the so-called ‘competitive advantage’ of the United States.” 近年来，随着共建“一带一路”合作不断走深走实，中国企业积极参与共建国家港口建设和经营，不仅有力促进当地就业、基础设施改善和经济发展，还以出色的海运服务造福各国。然而，美国一些人戴着有色眼镜看中外港口合作，编造并大肆渲染“中国投资全球港口威胁论”，炒作所谓这些港口“更容易为中国海军提供支持”“是显而易见的地缘政治风险”。这些无端指责将正常的商业合作泛政治化、泛意识形态化、泛安全化，本质是为了保持美国自身所谓“竞争优势”而对中国企业进行污蔑抹黑和无理打压.
It argues that critics in the US are ignoring that Chinese investments in ports are based on the “business logic of two-way choice and mutual benefit and win-win.” Instead, they are “sticking to a zero-sum game mindset, and speculating out of malice.”他们对双向选择、互利共赢的商业逻辑视而不见，却固守零和博弈思维，出于恶意妄加揣测. It adds that the relevant countries where Chinese investment has flown believe that it “has promoted the coordinated development of regional economy centred on ports and the overall development of the country.”
It also mentions that “the US has also benefited from Chinese enterprises' participation in overseas port construction. The port of Boston in the US has expanded practical cooperation with its partner COSCO Group, not only retaining the original 9,000 jobs, but also creating a total of 400,000 jobs. The person in charge of the Port Authority called it ‘a perfect example of US-China economic and trade cooperation’.”
The article then refers to US’ global strategic outposts, reflecting its “hegemonic tentacles” and warns those with “ulterior motives” “to stop abusing the concept of national security.”
Page 3: Just one report to note. Vice Minister of Commerce Li Fei said yesterday that the 7th China-South Asia Expo will be held from August 16 to 20 in Kunming. Xinhua reports:
“The annual trade volume between China and South Asian countries came in at under 100 billion U.S. dollars a decade ago, but the figure neared 200 billion dollars last year, representing an average annual increase of 8.3 percent, Li said. China has become the largest trading partner of countries such as Pakistan, Bangladesh and the Maldives, he noted. Over 60 countries and regions have expressed the intention to participate in the expo so far, and nearly 1,000 enterprises are expected to attend the event. The expo will also host eight forums, including the fourth China-South Asia Cooperation Forum, and three other activities, including a signing ceremony for cooperation projects.”
Page 15: The lead story on the international page is about protests in Japan over the Fukushima wastewater issue. The other key piece is by Xiao Lisheng from the Chinese Academy of Social Sciences
Xiao argues that:
“The 2023 long-term budget outlook report recently released by the U.S. Congressional Budget Office shows that the U.S. federal government debt held by the public accounted for 98% of the U.S. gross domestic product (GDP) in fiscal year 2023, and will rise to 107% in fiscal year 2029, exceeding a historical high point. The report warns that high and rising debt will slow US economic growth, push up interest payments to US debt holders, and pose significant risks to the fiscal and economic outlook.” 美国国会预算办公室近日发布的2023长期预算展望报告显示，2023财年公众所持美国联邦政府债务占美国国内生产总值（GDP）的比重为98%，2029财年将升至107%，超过历史高点。报告警告，处于高位且不断增加的债务将使美国经济增长放缓，推高偿付给美债持有者的利息支出，给财政和经济前景带来显著风险.
The author adds:
“In recent years, many countries such as the US, European countries, and Japan have adopted extremely loose monetary and fiscal policies. This not only contributes significantly to the persistently high global inflation levels but also directly drives the rapid growth of government debt in multiple countries. Due to the special status of US treasuries in the global financial system, the US government debt problem has obvious negative spillover effects.” 近年来，美欧日等多个国家采取了极度宽松的货币政策与财政政策，这不仅是当前全球通胀水平居高不下的重要原因，亦是多国政府债务规模快速增长的直接推手。由于美国国债在全球金融体系中占据特殊地位，美国政府债务问题有明显的负面外溢效应.
Xiao argues that “long-term fiscal imbalance caused by the decline in economic growth is the main reason for the high US government debt.” The consequences of this, Xiao argues, will be borne by emerging countries too. “the recurring risk of a US government debt default will not only have an impact on the US domestic capital market and the real economy, but will also make the global financial system more vulnerable. Emerging market countries, in particular, may face various financial pressures such as capital outflows and currency depreciation.” 总之，美国政府债务违约风险反复出现，不仅会对美国国内资本市场和实体经济造成冲击，也会使全球金融体系更加脆弱，尤其是新兴市场国家恐将面临资本外流和货币贬值等多方面金融压力.
The author ends by saying that “overall, due to the hegemony of the US dollar, with the cooperation of the Federal Reserve and the US Treasury Department, the US government can still achieve ‘fiscal deficit monetization’ in the short term, and the probability of a substantial default on US treasury bonds is not high. However, in the medium and long term, as the international monetary system accelerates exploration of diversification and digital currencies mature, the influence of the US dollar as a world currency will face more challenges. If the US government continues to ignore its fiscal balance and borrow recklessly, the risk of its debt default will increase significantly. The international community calls on the US government to take measures to control its own fiscal balance and debt risks and stabilize the global economic and financial system.” 总体来看，由于美元的霸权地位，在美联储与美国财政部的配合下，短期内美国政府仍可以实现“财政赤字货币化”，美国国债出现实质性违约的概率并不大。不过从中长期来看，随着国际货币体系加快多元化探索以及数字货币日趋成熟，美元作为世界货币的影响力将遭受更多挑战。若美国政府继续忽略财政收支状况，肆意举债，其债务违约风险将明显提升。国际社会呼吁，美国政府有责任采取措施，管控自身财政收支及债务风险，稳定全球经济金融体系.