Xi Pitches for 'Open & Interconnected' Asia-Pacific - Biden-Xi Meeting Breakdown - Xi's Bilaterals in Lima - China Taiping's Party Committee on Finance Priorities

Here are the key reports and articles that I found noteworthy from the People’s Daily’s edition on Monday, November 18, 2024.

Page 1: The lead story today is about Xi Jinping’s speech at the APEC Leaders Summit. First, let’s look at the key points from Xi’s speech (English text) at the summit. 

• First, we need to build an open and interconnected paradigm for Asia-Pacific cooperation. We should stay committed to multilateralism and an open economy, firmly uphold the multilateral trading system with the World Trade Organization at its core, fully reactivate APEC’s role as an incubator of global economic and trade rules, and advance regional economic integration and connectivity. We should tear down the walls impeding the flow of trade, investment, technology and services, uphold stable and smooth industrial and supply chains, and promote economic circulation in the region and the world. A Free Trade Area of the Asia-Pacific (FTAAP) is an ambitious vision for regional economic integration, and is critical for long-term development and prosperity of our region. Ten years ago, a historic decision to kick off the FTAAP process was taken at the APEC Economic Leaders' Meeting in Beijing. Today, we will adopt a new document to guide this process. I believe that this will give new impetus to our efforts toward an open Asia-Pacific economy.

On China’s approach to FTAs, he added: “We continue to implement the Regional Comprehensive Economic Partnership (RCEP) against high standards. We are also working actively to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA). We have just signed a protocol to upgrade the free trade agreement with Peru, and have substantially concluded negotiations with ASEAN to upgrade to free trade area 3.0. Together with the relevant parties, we will seek to discuss trade agreements in digital and green areas, and steadily expand the globally-oriented network of high-standard free trade areas.”

• Second, we need to make green innovation a catalyst for the Asia-Pacific. We need to firmly seize the opportunities presented by the new round of sci-tech revolution and industrial transformation, and strengthen exchanges and cooperation in artificial intelligence (AI), quantum information, life and health, and other frontier areas. We need to foster an open, fair, just and nondiscriminatory ecosystem for innovation, and promote a leapfrog development of productive forces across our region. To build a clean and beautiful Asia-Pacific, we should prioritize ecological protection, promote resources conservation and their efficient use as well as green and low-carbon development, and engineer an all-round green transition in economic and social development. We need to push forward coordinated digital and green transformation and development to create new momentum and new drivers for Asia-Pacific development.

Then he talked about China’s initiatives: “China will launch a Global Cross-Border Data Flow Cooperation Initiative, and seek deeper cooperation with other parties to promote efficient, convenient and secure cross-border data flows. China has put forward initiatives in the APEC framework concerning, among others, the application of digital bill of lading, capacity building on green supply chains, exchanges and dialogue on approaches to AI, and the digitalization of food supply chains, with a view to contributing to high-quality development of the Asia-Pacific.”

• Third, Xi talked about the need to support “developing economies and disadvantaged groups, and work together to grow the pie and distribute it equitably to allow more economies and people to benefit from development…China will advance initiatives through the APEC platform on increasing residents’ income and promoting the industrial cluster development of small and medium-sized enterprises, for the purpose of bringing about universally beneficial and inclusive development of Asia-Pacific economies.”

Also, earlier Xi spoke at the APEC CEOs summit. Here’s an interesting excerpt from his remarks:

“…the world is in a new period of turbulence and transformation. Unbridled unilateralism and protectionism and an increasingly fragmented world economy threaten to reverse the trend toward economic globalization. The grave challenge for us is like sailing up a river -- we either forge ahead or drift downstream. Where will the Asia-Pacific economy be going? It is a decision we must make. Economic globalization is an objective requirement of growing social productive forces. It is a natural outcome of advancement in science and technology and a mighty historical trend. Despite headwinds and undertows, economic globalization has always been the general trend. The attempt to block economic cooperation under all sorts of pretexts and break up the interdependence of the world is nothing but backpedaling. Economic globalization is caught now in a tug of war between driving and obstructive forces, but the driving forces still prevail. New technological revolution and industrial transformation are getting more profound, and the world is moving faster to embrace a digital, green and smart economy. All this is building up powerful energy for further expedition of economic globalization down the road. We should steer economic globalization in the right direction. We must reject the beaten path that a few countries have taken to pursue dominance and hegemony. We should see to it that economic globalization generates more positive outcomes and is taken to a new phase that is more dynamic, inclusive and sustainable.”

Another excerpt says:

“APEC was born on the eve of the end of the Cold War when a new round of economic globalization was gradually emerging, and has since taken it as its mission to promote economic globalization. It has contributed immensely to boosting trade and investment liberalization and facilitation in the Asia-Pacific, economic mutual benefit between member economies, and the interests and well-being of the people in our region. Asia-Pacific economies have maintained robust growth and created the remarkable Asia-Pacific miracle. The success of the Asia-Pacific is due to our firm commitment to peace and stability in the region, to our continuous practices of true multilateralism and open regionalism, and to our deep faith in the trend toward economic globalization as well as mutual benefit and mutual success. The Asia-Pacific should remain the locomotive of economic globalization in the future. We should stay on the right course and seek to break new ground at the same time. While further burnishing the Asia-Pacific hallmark of openness and inclusiveness, we should make new brand-building efforts to foster a green and digital Asia-Pacific, build an Asia-Pacific community with a shared future, and usher in another 30 golden years of development for our region.”

Let’s now look at Xi’s bilateral meetings. Today’s paper covers the meeting between Xi and US President Joe Biden. The Chinese readout says that:

Xi said that “over the past four years, China-U.S. relations have gone through ups and downs, but the two sides have also been engaged in dialogue and cooperation. The relationship has remained stable on the whole. Under the stewardship of the two Presidents, the two teams have worked out through consultations a number of guiding principles for China-U.S. relations. The two Presidents have jointly brought China-U.S. dialogue and cooperation back on track. More than 20 communication mechanisms have been restarted or established, and positive achievements have been made in such areas as diplomacy, security, economy, trade, fiscal affairs, finance, military, counternarcotics, law enforcement, agriculture, climate change, and people-to-people exchange. President Xi underscored that it is worthwhile to review the experiences of the past four years and draw inspirations from them. He listed the following: 

• First, it is important to have a correct strategic perception. The Thucydides’s Trap is not a historical inevitability. A new Cold War should not be fought and cannot be won. Containing China is unwise, unacceptable and bound to fail. 

• Second, it is important to match words with actions. A man cannot establish himself without credibility. China has always honored its words. If the U.S. side always says one thing but does another, it will be detrimental to its own image, and undermine trust between China and the United States.

• Third, it is important to treat each other as equals. As two major countries, neither China nor the United States should seek to remodel the other according to one’s own will, suppress the other from the so-called ‘position of strength’, or deprive the other of the legitimate right to development so as to maintain its leading status. 

• Fourth, it is important not to challenge red lines and paramount principles. Contradictions and differences between two major countries like China and the United States are unavoidable. But one side should not undermine the core interests of the other, let alone seek conflict or confrontation. The one-China principle and the three China-U.S. joint communiqués are the political foundation of China-U.S. relations. They must be observed. The Taiwan question, democracy and human rights, China’s path and system, and China’s development right are four red lines for China. They must not be challenged. These are the most important guardrails and safety nets for China-U.S. relations. 

• Fifth, it is important to conduct more dialogue and cooperation. Under the current circumstances, common interests between China and the United States are expanding rather than shrinking. Their cooperation is crucial not only for the economy, trade, agriculture, counternarcotics, law enforcement and public health, but also for handling global challenges of climate change and artificial intelligence (AI) as well as addressing international hotspot issues. The two sides should expand the list of cooperation and make a bigger pie of cooperation to achieve a win-win result. 

• Sixth, it is important to respond to the expectations of the people. China-U.S. relations should always advance the well-being of the two peoples and bring them closer together. To facilitate personnel and cultural exchange, the two sides need to build bridges and roads, remove distractions and obstacles, and refrain from making any moves that have a chilling effect. 

• Seventh, it is important to step forward to shoulder the responsibilities of major countries. China and the United States should always keep in mind humanity’s future and their responsibilities for world peace, provide public good for the world, and act in a way conducive to global unity, including carrying out constructive interactions, refraining from mutual attrition, and not coercing other countries into taking sides.”

Xi added: “When the two countries treat each other as partner and seek common ground while shelving differences, their relationship will make considerable progress. But if they regard each other as rival and pursue vicious competition, they will roil the relationship or even set it back…Neither decoupling nor supply-chain disruption is the solution; common development can only be achieved through mutually beneficial cooperation. ‘Small yard, high fences’ is not what a major country should do; only openness and sharing can advance the well-being of humanity. A stable China-U.S. relationship is critical not only to the interests of the Chinese and American peoples, but also to the future and destiny of the entire humanity. China and the United States should keep exploring the right way for two major countries to get along well with each other, realize long-term, peaceful coexistence on this planet, and inject more certainty and positive energy into the world.”

Some other key points:

• “Xi stressed that cross-Strait peace and stability and ‘Taiwan independence’ separatist activities are irreconcilable as water and fire. If the U.S side cares about maintaining peace across the Taiwan Strait, it is crucial that it sees clearly the true nature of Lai Ching-te and the DPP authorities in seeking ‘Taiwan independence’, handles the Taiwan question with extra prudence, unequivocally opposes ‘Taiwan independence’, and supports China’s peaceful reunification.”

• “The Chinese people’s right to development is not to be deprived of or ignored. While all countries need to safeguard their national security, they should not overstretch the national security concept, still less use it as a pretext for malicious moves to constrain and contain other countries.”

• “China firmly upholds its territory, sovereignty and maritime rights and interests in the South China Sea. Dialogue and consultation between states concerned is always the best way to manage differences in the South China Sea. The United States should not get involved in bilateral disputes over the relevant islands and reefs of Nansha Qundao, nor should it aid or abet the impulsion to make provocations.”

The report adds that “the two Presidents reiterated the seven-point common understandings on the guiding principles for China-U.S. relations, namely treating each other with respect, finding a way to live alongside each other peacefully, maintaining open lines of communication, preventing conflict, upholding the United Nations Charter, cooperating in areas of shared interest, and responsibly managing competitive aspects of the relationship. The two sides are ready to uphold these principles, continue to stabilize China-U.S. relations, and ensure a smooth transition of the relationship.”

Also: “The two Presidents believed that the two sides have had candid and constructive dialogue on AI. The two sides co-sponsored each other’s resolutions at the U.N. General Assembly on AI. They affirmed the need to enhance international cooperation and promote AI for good and for all. The two Presidents stressed the need to maintain human control over the decision to use nuclear weapons.”

The US readout said that:

Biden “welcomed efforts to maintain open channels of communication with the PRC to manage competition responsibly and prevent it from veering into conflict or confrontation…On counternarcotics, both sides affirmed the importance of continued coordinated law enforcement actions, information exchanges to identify new and emerging drug trends, and regulatory actions. President Biden welcomed the PRC’s scheduling of 55 dangerous synthetic drugs and precursor chemicals, closure of online platforms and companies that supply precursor chemicals, and arrests connected to the illicit chemical industry, and he called for additional steps in the period ahead. Both sides welcomed the resumption over the last year of high-level military-to-military communications, the U.S.-China Defense Policy Coordination Talks, U.S.-China Military Maritime Consultative Agreement meetings, and engagements between theater commanders. Both leaders affirmed the need to continue these channels of communication.”

“The two leaders affirmed the need to maintain human control over the decision to use nuclear weapons. The two leaders also stressed the need to consider carefully the potential risks and develop AI technology in the military field in a prudent and responsible manner…”

“President Biden condemned the deployment of thousands of DPRK troops to Russia, a dangerous expansion of Russia’s unlawful war against Ukraine with serious consequences for both European and Indo-Pacific peace and security. He expressed deep concern over the PRC’s continued support for Russia’s defense industrial base. President Biden emphasized the United States’ commitment to upholding international law and freedom of navigation, overflight, and peace and stability in the South China Sea and East China Sea. On Taiwan, President Biden underscored that the United States’ one China policy remains unchanged, guided by the Taiwan Relations Act, the three Joint Communiques, and the Six Assurances. He reiterated that the United States opposes any unilateral changes to the status quo from either side, that we expect cross-Strait differences to be resolved by peaceful means, and that the world has an interest in peace and stability in the Taiwan Strait. He called for an end to destabilizing PRC military activity around Taiwan.”

“President Biden raised concerns about the PRC’s unfair trade policies and emphasized that the United States will continue to take necessary actions to prevent advanced U.S. technologies from being used to undermine the national security of the United States or its partners, without unduly limiting trade and investment. The President noted the importance of human rights and the responsibility of all nations to respect their human rights commitments. He emphasized that it remains a priority to resolve the cases of American citizens who are unjustly detained or subject to exit bans in China. The President raised deep concerns about ongoing PRC cyberattacks targeting civilian critical infrastructure and threatening the safety and security of Americans.”

Subsequently, the Chinese foreign ministry issued an explanatory statement. It reiterated the key points made in the readout. Some messages for the incoming administration are as follows:

• “in his interactions with President Biden, President Xi fully shared his views on how the two sides should approach bilateral relations, which provide strategic guidance and are important for the direction of this relationship.”

• “President Xi vividly compared the relationship between China and the U.S. to a mansion. He proposed in 2021 during the virtual meeting with President Biden that the two countries need to follow the principles of mutual respect, peaceful coexistence and win-win cooperation, which is the dome of the mansion. During the 2022 Bali meeting, he underscored China’s four red lines on the Taiwan question, path and system, democracy and human rights, and right to development, which is the foundation of the mansion. During the meeting in San Francisco in 2023, he stated that China and the U.S. should jointly develop a right perception, manage disagreements effectively, advance mutually beneficial cooperation, shoulder responsibilities as major countries and promote people-to-people exchanges, which are the five pillars of the mansion, the spokesperson said. In Lima, President Xi insightfully listed seven experiences and inspirations that the two countries should draw from the course of their relations, namely, to have a correct strategic perception, match words with actions, treat each other as equals, not to challenge red lines and paramount principles, conduct more dialogue and cooperation, respond to the expectations of the people, and step forward to shoulder the responsibilities of major countries. He stressed that the two sides should continue to add building blocks to the mansion, and expressed readiness to make joint effort with President Biden and his successor towards this end, the spokesperson said.”

• “The spokesperson noted that President Xi in particular stressed that China’s goal of a stable, healthy and sustainable China-U.S. relationship remains unchanged. Its commitment to mutual respect, peaceful coexistence and win-win cooperation as principles for handling China-U.S. relations remains unchanged. Its position of resolutely safeguarding China’s sovereignty, security and development interests remains unchanged. And its desire to carry forward the traditional friendship between the Chinese and American peoples remains unchanged.”

Along with this, let’s look at Page 3, where we have a report on the US-China Political Dialogue, which was held in Shenzhen. The report says that Liu Jianchao spoke at the event. More than 50 participants attended, including representatives from Chinese ministries and commissions, local governments, universities, think tanks, as well as strategic and business figures from both the Democratic and Republican parties in the United States.

“The two sides agreed that a stable, healthy and sustainable China-U.S. relationship serves the common interests of both countries and is also the common expectation of the international community. It is also their common belief that China and the United States should maintain contact and communication, properly manage differences, deepen mutually beneficial cooperation, promote cultural and people-to-people exchanges, and shoulder their responsibilities as major countries in promoting world peace and development. They also expressed the belief that with multi-dimensional and multi-faceted characteristics, the China-U.S. relationship faces many uncertainties, but at the same time has strong resilience.”

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Now let’s look at other bilateral engagements that Xi had. These were covered in Sunday’s paper.

First, the Chinese readout (English report) of Xi’s meeting with Japanese PM Shigeru Ishiba says:

“Xi Jinping stressed that the current international and regional situations are facing changes and turbulence, and China-Japan relations are at a critical period of improvement and development. China and Japan are close neighbours and important countries in Asia and the world. The relationship between the two countries has great significance beyond bilateral relations. China is willing to work with Japan, in accordance with the principles and directions established in the four political documents between China and Japan, to uphold the important consensus that the two countries should ‘be partners, not threats’, comprehensively advance the strategic relationship of mutual benefit, and endeavour to build a constructive and stable China-Japan relationship that meets the requirements of the new era.”

“Xi Jinping stressed that China’s development is an opportunity for the world, especially for neighbouring countries such as Japan. It is hoped that Japan will work with China to establish correct mutual understanding, grasp the correct direction of bilateral relations from a strategic height and overall perspective, reflect the important political consensus reached by the two sides in specific policies and practical actions, face history squarely, look to the future, and properly handle major issues of principle such as history and Taiwan, manage differences in a constructive manner and maintain the political foundation of bilateral relations. The two sides should deepen and expand cultural and sub-national exchanges to promote mutual understanding between the two peoples, especially the younger generation. China and Japan’s economic interests and industrial and supply chains are deeply integrated. The two sides should adhere to win-win cooperation and safeguard the global free trade system as well as stable and smooth production and supply chains. Strengthen cooperation in international and regional affairs, practise true multilateralism, promote open regionalism, and jointly respond to global challenges.”

The readout ends with saying “the two sides agreed to maintain high-level exchanges, make good use of high-level dialogue mechanisms in the fields of economy, people-to-people and cultural exchanges and other fields, and translate the consensus reached on the discharge of nuclear-contaminated water from Fukushima into action as soon as possible.”

The Japanese readout says that this was a 35-minute meeting. It adds:

• The two leaders confirmed to make arrangements to realize mutual visits by their respective foreign ministers, including holding the Japan-China High-Level People-to-People and Cultural Exchange Dialogue and Japan-China High-Level Economic Dialogue at an appropriate time.

• Prime Minister Ishiba called for the early restoration of imports of Japanese aquatic products. Prime Minister Ishiba called on the Chinese side to promptly resume discussions on the resumption of Japanese beef exports and the expansion of exports of Japanese rice, and the two leaders confirmed that both sides would maintain communications. The two leaders also concurred on making efforts to make progress on concrete cooperation in fields such as green economy, including environment and energy conservation, as well as medical care, nursing care and healthcare.

• Prime Minister Ishiba expressed Japan’s serious concerns about the situation in the East China Sea, including the situation surrounding the Senkaku Islands, and the intensification of Chinese military activities, and called on the Chinese side to address them…Prime Minister Ishiba stated that Japan is closely monitoring relevant developments including military activities and reiterated that peace and stability across the Taiwan Strait is extremely important for the international community, including Japan. Prime Minister Ishiba expressed Japan’s serious concerns about the situations in the South China Sea, Hong Kong, Xinjiang Uyghur Autonomous Region and others.

Second, the readout of Xi’s meeting with South Korea’s President Yoon Suk Yeol says:

Xi Jinping pointed out that since our meeting in Bali two years ago, the international and regional situations have undergone significant changes. Regardless of how the situation evolves, China and South Korea should remain true to the original intention of establishing diplomatic relations, steadfastly uphold the direction of good-neighbourly friendship, adhere to the goal of mutual benefit and win-win outcomes, and leverage the advantages of geographical proximity, cultural similarities, and economic integration. The two countries should strengthen exchanges, deepen cooperation, and promote the healthy and stable development of the China-South Korea strategic cooperative partnership, better benefiting the peoples of both nations and making greater contributions to regional peace, stability, development, and prosperity. Xi Jinping stressed that both sides should enhance high-level exchanges, deepen mutual understanding and trust, and strive for mutual achievements to realise shared development. China is determined to expand high-level opening up to the outside world and welcomes more Korean companies to invest and set up businesses in China. The two sides should work together to maintain the international free trade system, maintain the stability and smooth flow of global and regional industrial chains and supply chains, carry out more activities conducive to promoting friendship, and encourage the media, academia, local governments, especially young people, to strengthen exchanges. China welcomes more South Korean citizens to visit and hopes South Korea will introduce more facilitation measures for Chinese citizens traveling to South Korea. China congratulates and supports South Korea in assuming the role of host for next year’s APEC meeting and is willing to expand multilateral coordination and cooperation with South Korea. 习近平指出，我们两年前在巴厘岛会见以来，国际和地区形势发生不少变化。无论形势如何变化，中韩两国都应该坚守建交初心，坚定睦邻友好方向，坚持互利共赢目标，发挥地理相邻、文化相通、经济相融优势，加强交流，深化合作，推动中韩战略合作伙伴关系健康稳定发展，更好造福两国人民，为促进地区和平稳定和发展繁荣作出更大贡献。习近平强调，双方应该加强高层交往，增进理解信任，致力于相互成就，实现共同发展。中国坚定不移扩大高水平对外开放，欢迎更多韩国企业来华投资兴业。双方要共同致力于维护国际自由贸易体系，维护全球及地区产业链供应链稳定畅通，多开展有利于增进友好的活动，鼓励舆论界、学术界、地方特别是青年人加强往来。欢迎更多韩国民众来华，希望韩方为中国公民赴韩推出更多便利化措施。中方祝贺并支持韩国接任明年亚太经合组织东道主，愿同韩方扩大多边协调和合作.

As per the Chinese readout, Yoon Suk Yeol said that “China is an important engine of world economic growth and has made important contributions to addressing the problems facing the world. South Korea regards China as an important partner and hopes to promote the continuous development of the strategic cooperative partnership between South Korea and China in the spirit of mutual respect and uphold the original intention of establishing diplomatic relations, so as to better respond to common challenges and promote regional peace and stability. South Korea’s policy of respecting one China will not change, and it hopes to participate in China’s modernization process and further strengthen economic and trade cooperation between the two countries. China welcomes China's granting of visa-free treatment to South Korean citizens and is willing to strengthen cultural exchanges with China and enhance the friendship between the two peoples. South Korea is willing to closely communicate and cooperate with China in multilateral mechanisms such as the Asia-Pacific Economic Cooperation Organization to jointly safeguard multilateralism and free trade. 尹锡悦表示，两年前我同习近平主席在巴厘岛进行会晤以来，双方各领域交流合作有序发展。中国是世界经济增长的重要引擎，为应对世界面临的问题作出重要贡献。韩国视中国为重要合作伙伴，希望本着相互尊重精神，秉持建交初心，推动韩中战略合作伙伴关系不断发展，更好应对共同挑战，促进地区和平与稳定。韩方尊重一个中国的政策不会改变，希望参与中国现代化进程，进一步紧密两国经济贸易合作。欢迎中方给予韩国公民免签待遇，愿同中方密切人文交流，增进两国民间友好。韩方愿同中方密切在亚太经合组织等多边机制沟通合作，共同维护多边主义和自由贸易。

Third, the report (English report) on Xi’s meeting with Chilean President Gabriel Boric says that:

“China is ready to take the 55th anniversary of diplomatic relations next year as an opportunity to strengthen strategic communication with Chile, deepen mutually beneficial cooperation, share development opportunities, and promote greater progress in the comprehensive strategic partnership between the two sides, so as to bring greater benefits to the two peoples, Xi said. He urged the two sides to strengthen exchanges and interactions across various fields and levels, uphold mutual respect and trust, mutual benefit, and connectivity, and continuously expand the scope of their cooperation. The two sides should strengthen cooperation in areas such as infrastructure, clean energy, information and communications, and expand bilateral cooperation to more sustainable and broader areas with high-level free trade and more open industrial policies, Xi said. China welcomes more high-quality Chilean products to be exported to China, supports more Chinese enterprises to invest in Chile, and hopes that Chile will provide a transparent, open and non-discriminatory business environment for Chinese enterprises, he said. China is willing to strengthen communication and cooperation with Chile within multilateral mechanisms such as the United Nations, the World Trade Organization and APEC, practice true multilateralism, safeguard a smooth and stable global supply chain and the common interests of the Global South, and jointly build an open, dynamic, resilient and peaceful Asia-Pacific community, he added.”

As per the report Boric backed the “one-China principle” and congratulated China on the opening of the Chancay Port on Thursday and expressed Chile's welcome for more Chinese enterprises to cooperate with Chile in areas such as capacity building and infrastructure. He also said that Chile “supports China's accession to the CPTPP and DEPA.”

Fourth, the report (English report) on Xi’s meeting with Singapore PM Lawrence Wong says that:

“At present, both countries, Xi said, are at a critical stage of national development, adding that next year will mark the 35th anniversary of diplomatic relations between China and Singapore. The Chinese side is ready to work with Singapore to intensify high-level exchanges, adhere to honesty and mutual trust and respect each other’s core interests, and open a new chapter of high-quality development, he added. Singapore’s participation in China’s reform and opening-up started early and has yielded fruitful results in a wide range of areas, Xi noted, saying that Singapore is welcome to seize the new opportunities of China's development, continue to build cooperation projects such as the Suzhou Industrial Park, China-Singapore Tianjin Eco-City, the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity, and China-Singapore Guangzhou Knowledge City, further foster new growth drivers of cooperation in the fields of digital economy, green development and artificial intelligence, and expand cultural and people-to-people exchanges. In the face of transformations unseen in a century in the world, Xi said, China is willing to strengthen cooperation with Singapore in multilateral arenas such as the United Nations and APEC, and jointly advocate an equal and orderly multi-polar world and a universally beneficial and inclusive economic globalization.”

Among other things, Xinhua says this about Wong’s remarks: “Singapore-China relations are based on mutual respect and trust, and feature mutual benefit, he said, adding that his country fully understands the Chinese government’s position on the Taiwan question, opposes any form of ‘Taiwan independence’, and firmly abides by the one-China principle.”

The readout from the Singapore side said:

“Both leaders reviewed the excellent slate of bilateral cooperation, as demonstrated by the substantive deliverables of the 20th Singapore-China Joint Council for Bilateral Cooperation meeting held in Singapore earlier this week. They agreed that both countries should deepen cooperation in future-oriented areas such as the green and digital economies. Both leaders also looked forward to the commemorative activities for the 30th anniversary of the China-Singapore Suzhou Industrial Park, which will be held in Suzhou later this month. Prime Minister Wong and President Xi also discussed regional and international developments, including the importance of upholding the rules-based multilateral trading system, and developments in the Taiwan Strait. Singapore has a clear and consistent ‘One China’ policy and is opposed to Taiwan independence.”

Fifth, the report (English report) on Xi’s meeting with Thai PM Paetongtarn Shinawatra says:

“Xi stated that during his visit to Thailand in November 2022, he reached an important consensus with the Thai side on building a China-Thailand community with a shared future. He expressed pleasure in seeing the outcomes of that visit effectively implemented, with positive progress in cooperation across various fields, bringing tangible benefits to the peoples of both countries. China is willing to work with Thailand to promote the historical Sino-Thai friendship, strengthen the alignment of development strategies, deepen exchanges on governance experiences and advance mutually beneficial cooperation in all areas, Xi said. He emphasized that this collaboration will aid both countries in their modernization efforts and further the building of the China-Thailand community with a shared future. Xi also called for both sides to accelerate the construction of the China-Thailand railway, expand cooperation in emerging fields such as new energy, the digital economy and artificial intelligence, and strengthen cultural, educational and youth exchanges. China is willing to enhance coordination and communication with Thailand in multilateral mechanisms such as Lancang-Mekong Cooperation, ASEAN, BRICS and APEC, to uphold unity and cooperation between ASEAN and regional countries, contributing positively to regional peace, stability, development and prosperity, the Chinese president said.”

Paetongtarn is reported to have said that the “China-proposed global initiatives are highly strategic and forward-looking, promoting greater unity and cooperation within the international community.” She added that “Thailand hopes to learn from China's successful development experience, continue advancing joint initiatives under the Belt and Road Initiative, such as the China-Thailand railway, strengthen people-to-people exchanges, and deepen their historical friendship”.

Sixth, the report (English report) on Xi’s meeting with New Zealand’s Prime Minister Christopher Luxon says:

“Xi said that China and New Zealand are both important members of the Asia-Pacific region with strong economic complementarities and mutual benefit. With no historical grievances or conflicts of fundamental interests, the two sides should regard each other as an opportunity and partner, rather than a challenge or threat, Xi noted, adding that differences between the two sides should be managed in a calm and practical manner, rather than allowing them to define the relationship. Noting that China is ready to work with New Zealand to carry forward the spirit of ‘striving to be first’, Xi called for building a bilateral relationship featuring mutual respect, mutual tolerance, cooperation and common development, so as to contribute to the development of both countries. Xi stressed that China supports efforts from various sectors in both countries, including subnational levels, youth, media, and scholars, to strengthen bilateral exchanges through various means, thereby solidifying the foundation of friendship between the people of the two countries. China has included New Zealand in its visa-free policy and welcomes more friends from New Zealand to work and travel in China. China is ready to work with New Zealand to strengthen coordination and cooperation within the United Nations, APEC, the World Trade Organization and other multilateral frameworks, jointly safeguarding peace and stability in the Asia-Pacific region and the world, Xi added.”

As per Xinhua, Luxon said that “New Zealand is committed to continuously deepening the comprehensive strategic partnership between the two countries, firmly adhering to the one-China policy, and is willing to maintain high-level exchanges with China, as well as to comprehensively enhance cooperation in areas such as economy and trade, green development, and addressing climate change.”

Xi did not meet with Canadian Prime Minister Justin Trudeau. Instead, Wang Yi met with Foreign Minister Melanie Joly. One interesting report on Trudeau’s visit to Lima says that APEC was dominated by worries about the return of Donald Trump to the White House. The report adds:

“Trump asked him specifically about Canada’s approach to trading with China when the pair spoke last week…Last month, Canada brought in steep tariffs on Chinese electric vehicles, steel and aluminum, and the government is now eyeing import taxes on batteries, solar components and critical minerals.”

Anyway, Xinhua’s report (Chinese report) on Wang’s meeting with Jolly says:

Wang said that “during Joly’s recent visit to China, the two sides had an in-depth exchange of views on improving and developing China-Canada relations, made new progress and released positive signals. However, the development of China-Canada relations still experiences disturbances from time to time, Wang noted, adding that it is necessary for the two sides to maintain communication, properly handle differences and maintain the momentum of continuous improvement. Wang said China and Canada have different political systems, which is a choice made by their respective people and rooted in each other's history and culture. Both sides should adhere to mutual respect and seek mutual benefit and win-win results. The two countries share extensive common interests, and do not have conflicts of fundamental interests. Wang expressed the hope that Canada will work with China to meet each other halfway, view China’s development objectively and rationally, and do more things that are conducive to the development of bilateral relations and the enhancement of mutual understanding and trust between the two peoples, so as to promote cooperation and reduce differences between the two countries. He noted that Canada's imposition of high tariffs on Chinese electric vehicles violates the spirit of free trade and is not conducive to the healthy development of economic and trade cooperation between the two countries. Canada should earnestly abide by the World Trade Organization rules and lift discriminatory restrictions on Chinese products. Wang stressed that the Taiwan question concerns China's sovereignty and territorial integrity, and the one-China principle is the universal consensus of the international community and an important part of the post-World War II international order, which can not be challenged. He expressed the hope that Canada will fully understand the high sensitivity of the Taiwan question and earnestly abide by the one-China principle.”

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Back to the front page of today’s paper. There’s a report on Xi’s article in Brazilian media. Xi wrote that China and Brazil have “established a model for major developing countries to develop win-win cooperation and pursue a shared future.” You can read the full English text, which is available from Xinhua.

Finally, there’s a report on Xi’s congratulatory letter for the official commissioning of China’s first domestically designed and built deep-ocean drilling vessel Meng Xiang. Xi said that “the successful sea trial and official commissioning of the Meng Xiang marked an important step of China’s deep-ocean access, exploration and development. It is another major achievement in improving maritime and sci-tech strength.” The commissioning ceremony was held in Guangzhou. He Lifeng attended it.

Page 2: An extract from the 2024 APEC Leaders’ Machu Picchu Declaration is published on the page.

Also on the page is a report with data from the General Administration of Customs saying that from January to October, China’s trade with Brazil was 1.14 trillion yuan, a year-on-year increase of 9.9%, 4.7 percentage points higher than China’s overall foreign trade growth rate. Exports were 432.08 billion yuan and imports were 708.15 billion yuan. 

• The report adds that during this period, China accounted for more than 70% of Brazil’s soybean and iron ore exports, and more than 40% of pulp and crude oil. 

• Also, China exported 216.86 billion yuan of intermediate products to Brazil, an increase of 11.8% year-on-year, accounting for half of China’s total exports to Brazil. Among them, the export of intermediate products such as textiles, auto parts, electrical equipment, and flat panel display modules grew rapidly, with growth rates of 15.4%, 26.5%, 31.2%, and 22.2%, respectively.

Page 10: There’s an article by the Party Committee of China Taiping Insurance Group. It argues that the insurance industry “is a powerful means to promote economic development, improve people's livelihood security, and help achieve common prosperity”. “The Party Committee of China Taiping Insurance Group adheres to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, adheres to high-quality development, actively serves national strategies and people's livelihood security, and plays an active role in promoting China's modernization.” 保险业连接千家万户、关系国计民生，是促进经济发展、改善民生保障、助力共同富裕的有力手段，在全面建设社会主义现代化国家进程中将发挥不可替代的作用。中国太平保险集团党委坚持以习近平新时代中国特色社会主义思想为指导，坚持高质量发展，积极服务国家战略和民生保障，在助力中国式现代化建设上发挥了积极作用.

The next paragraph says:

“Adhere to the leadership of Party-building and strengthen Party-building in an all-round way. Always put political construction in the first position, strictly implement the system of reporting and requesting instructions on major matters. All Party members and cadres deeply understand the decisive significance of ‘Two Establishments’ and resolutely implement ‘Two Safeguards’. Adhere to ‘Two Consistents’ and promote the more effective integration of Party leadership into corporate governance.” It talks about having strictly implemented theoretical study work and Party education work. The article adds that great efforts have been made to cultivate and select outstanding young cadres, with youth cadre training programs held at Peking University for four consecutive years. Continuous efforts have been made to promote upright conduct and discipline, strengthen warning education, and increase the investigation and handling of cases involving disciplinary, legal, and regulatory violations.” 坚持党建引领，党的建设全面加强。始终把政治建设摆在首位，严格落实重大事项请示报告制度，全体党员干部深刻领悟“两个确立”的决定性意义，坚决做到“两个维护”。坚持“两个一以贯之”，推动党的领导更加有效融入公司治理。严格落实“第一议题”、领导班子读书班、理论学习中心组学习等制度，扎实开展党内集中教育。大力培养选拔优秀年轻干部，连续4年在北京大学举办青年干部培训班。持续正风肃纪，加强警示教育，加大违纪违法违规案件查处力度.

The article then discusses performance:

• From the beginning of 2021 to the end of 2023, China Taiping’s total assets increased by 48% from less than 1 trillion yuan to 1.46 trillion yuan, and will exceed 1.5 trillion yuan by the end of 2024;

• overcoming the impact of various factors, net profit and operating income have shown steady growth, the group’s comprehensive strength has been further enhanced, brand influence has been greatly improved, and the momentum of high-quality development has become better.

• In the first half of this year, China Taiping’s shareholders’ attributable profit was HK$6.027 billion, an increase of 15.4% year-on-year, and continued to maintain a good development trend.

从2021年初至2023年末，中国太平总资产由不到1万亿元增长48%到1.46万亿元，2024年末将突破1.5万亿元；克服多种因素冲击，净利润、营业收入呈现稳步增长，集团综合实力得到进一步增强，品牌影响力大幅提升，高质量发展的势头越来越好。今年上半年，中国太平股东应占溢利60.27亿港元，同比增长15.4%，继续保持良好发展态势.

After this, there are couple of paragraphs discuss operational work and improvements. Then we get the commitment to serve the five key finance goals outlined by the Party, i.e., 

• Science and technology finance: “Fully leverage the function of the group’s science and technology private equity investment fund, explore effective ways to serve the development of technology-based enterprises, and promote the development of new quality productive forces” 发挥集团科创私募股权投资基金功能，探索服务科技型企业发展的有效路径，促进新质生产力发展.

• Green finance: “Vigorously expand green insurance, set up a green insurance innovation laboratory, develop new products in carbon sink index and clean energy, promote sustainable and quality growth of new energy vehicle insurance, and support green transportation projects with greater efforts. Fully leverage the patient capital advantages of insurance funds, improve the ESG investment system, and increase investment in energy conservation and environmental protection, clean production, clean energy, ecological environment, green infrastructure upgrades and other fields. 大力拓展绿色保险，设立绿色保险创新实验室，开发碳汇指数、清洁能源等方面新产品，推动新能源车险可持续、有品质增长，更大力度支持绿色交通项目。发挥保险资金耐心资本优势，健全ESG（环境、社会和公司治理）投资体系，加大对节能环保、清洁生产、清洁能源、生态环境、基础设施绿色升级等领域投资力度.

• Inclusive finance: Focus on addressing the pain points of small and micro enterprises, increase the promotion of standardized products for these businesses, and upgrade safety production liability insurance products. Vigorously develop agricultural insurance, introduce a package of measures to support the high-quality development of agricultural insurance, deepen the basic cost insurance, full cost insurance and planting income insurance of the three major grain crops, and expand insurance coverage. Actively develop products and projects such as inclusive health insurance, critical illness insurance for urban and rural residents, protection for specific groups, pension insurance, and medical insurance, contributing to the improvement of a multi-level social security system…continue to expand the supply of exclusive products to help new citizens strive for a better life. 聚焦中小微企业痛点问题，加大小微企业标准化产品推广，升级安全生产责任险产品。大力发展农业保险，出台支持农业保险高质量发展一揽子措施，做深三大粮食作物基础成本保险、完全成本保险和种植收入保险，拓宽保险覆盖面。积极发展惠民保、城乡居民大病、特定人群保障、养老保险、医疗保障等产品和项目，助力完善多层次社会保障体系。围绕“安居、乐业、安康”需求，持续扩大专属产品供给，助力新市民为美好生活奋斗.

• Pension finance: Accelerate the development of a multi-level and multi-pillar pension insurance system, strategically advancing the growth of the third-pillar pension insurance business and continuously increasing the number of individual pension service participants. Actively participate in local long-term care insurance system pilots to provide professional care services for elderly individuals with disabilities. Continuously optimize the ‘insurance + retirement + healthcare’ business mode… 加快发展多层次多支柱养老保险体系，从战略层面统筹推动第三支柱养老保险业务发展，不断增加个人养老金服务人数。积极参与各地长期护理保险制度试点，为失能老人提供专业照护服务。持续优化“保险+养老+健康”经营模式，不断完善养老社区布局，提升养老社区运营水平.

• Digital finance: Develop an intelligent cloud platform and explore the construction of proprietary large-scale AI models, launching pilot applications such as ‘Customer Service Assistant’ across seven key business scenarios: customer service, marketing, research and development, risk control, operations, investment research, and office management. Develop an agricultural insurance production estimation model based on ‘satellite remote sensing + ground sampling’ and create a cross-border auto insurance sharing platform for the Guangdong-Hong Kong-Macao region. 打造智能云平台，探索建设自有人工智能大模型，围绕客服、营销、研发、风控、运营、投研、办公七大业务场景，推出“客服助手”等大模型试点应用。开发农险“卫星遥感+地面抽样”测产模式，打造粤港澳跨境车险共享平台.