On Sunday, China's National Development and Reform Commission and the Ministry of Commerce released the Special Administrative Measures (Negative List) for Foreign Investment Access (2024 Edition). The total number of items on the negative list, or restricted sectors for foreign investment, has been reduced from 31 to 29, and all restrictions on foreign investment in the manufacturing sector have been lifted. This means that going forward, foreign investment in China's manufacturing sector will face no restrictions that differ from those applicable to domestic investment. In addition, the Ministry of Commerce, together with the National Health Commission and the National Medical Products Administration, recently issued a circular on further expanding pilot programs for opening-up in the medical sector. Some media outlets referred to these two bold opening-up measures as "two major developments in one day."

The further easing of foreign investment access demonstrates China's unwavering commitment to promoting investment liberalization and facilitation, as well as its responsibility in advancing global openness and cooperation. Frankly speaking, the current global investment environment is far from ideal. The recently released Chinese version of the World Investment Report shows that global foreign direct investment (FDI) dropped by 2 percent in 2023. If transit hubs for foreign investment are excluded, global FDI has declined by more than 10 percent for the second consecutive year. While investment liberalization and facilitation expand the economic pie, some major countries that should be leading this effort are clearly falling short. News headlines in those countries frequently focus on various restrictions they adopt. As the world's second-largest economy, China firmly stands on the side of openness, proactively widening the doors of opening-up. This not only offers substantial support for economic globalization but also serves as a significant boost to global confidence.

Attracting investment is a hallmark of China's opening-up. In the early stages of the reform and opening-up period, foreign investment in China was primarily attracted by low-cost advantages such as land, labor, and energy. However, foreign investors now continue to be optimistic about China due to its massive market size, high-quality labor force and comprehensive industrial chain, which have been developed over decades of growth, as well as the high-quality business environment fostered by China's high-level institutional opening-up. These advantages are more sustainable and reliable. 

Since China released its first negative list for foreign investment in 2013, it has undergone several revisions and reductions over more than a decade. This reduction is not simply a matter of crossing off items on a list; each reduction signifies a more open sector. While these sectors may face fiercer competition, they also present significant opportunities. China continues to make "subtractions" in terms of foreign investment access while making "additions" to the business environment. Foreign investors can share the dividends of an open China, and Chinese enterprises that can withstand the competition will emerge stronger. Confidence in opening-up has become a firm consensus throughout China. Regardless of changes in the external environment, China's commitment to the logic of opening-up has remained unwavering.

From promoting the integration of domestic and foreign trade, optimizing the business environment at ports, to deepening the opening-up of the service industry and advancing the high-quality development of the Belt and Road Initiative cooperation, China's steps toward opening-up to the outside world have been bold while maintaining stability. In addition, China's ability to manage and coordinate these two aspects has further improved, which, in turn, is more conducive to expanding high-level opening-up and creating a virtuous cycle of "opening-up promoting further opening-up." Currently, foreign investment in China encompasses 20 industry categories and 115 major industry sectors. From 2017 to 2023, China's actual utilization of foreign capital grew by 25 percent, with the proportion of foreign investment in high-tech manufacturing rising to 37.4 percent. This growth is not only rapid in quantity but also effective in quality. 

Currently, there is significant attention, both domestically and internationally, regarding the new regulations on the establishment of wholly foreign-owned hospitals and the entry of foreign investment in the manufacturing sector. China has reached, or is close to reaching, an internationally advanced level of opening-up in these two areas, gaining the initiative. This not only marks a step forward in China's commitment to a higher level of opening-up but also conveys China's determination to participate deeply in the global division of labor in manufacturing and services. In today's era of economic globalization, the development of others does not equate to a loss for you; the fundamental truth is that we must work together to expand the pie. The distorted logic that being open is unpromising while being closed has an optimistic outlook exists only in the fantasies of certain Western opinions; it does not exist in reality.

Workers assemble pet water dispensers at a factory in Suqian, East China's Jiangsu Province on September 10, 2024. In 2023, China's urban pet consumption market stood at 279.3 billion yuan ($39.23 billion), and it is expected to reach 361.3 billion yuan by 2026. With increasing demand and a growing industry scale, the country's "pet economy" has an upbeat outlook. Photo: IC

Chinese biotechnology firms including BGI, MGI as well as WuXi AppTec on Tuesday refuted the wrong allegations in a US bill passed by the US House of Representatives on Monday, stressing that the companies do not have access to Americans' personal data in their operations.

"We are deeply disappointed that the US House of Representatives has voted to advance the BIOSECURE Act," BGI said in a statement sent to the Global Times on Tuesday.

The bill is a false flag targeting companies under the premise of national security, and it serves to strengthen the monopoly in the genomics market held by a dominant US player that has been lobbying for the legislation, the company said.

"We reiterate that BGI poses no national security risks, that we strictly follow rules and laws, and we have no access to Americans' personal data in any of our work," it continued, saying that "We are disappointed that the US legislative process is being used to pick winners and losers."

The comment came as the US House passed the drafted BIOSECURE Act by 306 to 81 votes, which would prohibit the US government from contracting with, or providing grants to, companies that do business with a "biotechnology company of concern." It names five Chinese companies including BGI, MGI and its subsidiary Complete Genomics, WuXi AppTec, and Wuxi Biologics.

"As we have stressed repeatedly, MGI and Complete Genomics, as equipment vendors, do not have access to, collect, or maintain patient genetic data, our customers retain full control over any data they generate," MGI said in a statement sent to the Global Times.

Former FBI cybersecurity experts at FTI Consulting have validated the security of our technology and concluded it did not have any vulnerabilities nor capability to transmit data, MGI said.

"Baseless bills like this one, drafted under the guise of national security, are more likely to jeopardize global biosecurity by slowing the sector's progress, stifling our innovation, and making it harder for global companies to benefit and share from important medical breakthroughs. And less competition in the market will drive up costs for our industry and harm the people whose lives depend on research conducted on our sequencers," MGI said.

Wuxi AppTec said the company "has not posed, does not pose, and will not pose a security risk to the US or any other country," while reiterating that it does not have a human genomics business or collect human genomic data in the US, China or anywhere else.

The designation of Wuxi AppTec as a "biotechnology company of concern" is a preemptive and unjustified designation without due process, which the company strongly objects to, it said in a stock exchange filing.

China's consumer price index (CPI), a main gauge of inflation, was up 0.6 percent year on year in August, the National Bureau of Statistics said Monday.

In a recent case, a kindergarten principal was dismissed for “accepting” a box of chocolates worth 6 yuan ($0.85) from a student before Teacher’s Day, which falls on September 10, sparking debate as the dust settles on the incident.

The kindergarten initially classified it as “accepting gifts and money from students and parents” and dismissed the principal. 

However, the court ruled that the act should not be classified as misconduct and deemed the dismissal was illegal, according to a report by the state broadcaster CCTV on Monday.

The kindergarten principal, surnamed Wang, was dismissed by the Sanxia Kindergarten in Southwest China’s Chongqing Municipality for accepting the box of chocolate from a student ahead of the Teacher’s Day, a decision which Wang challenged in court. 

In the first court trial, the local district court in Chongqing ruled in favor of Wang, stating that the chocolate was a small gift given out of love and respect, and did not represent a violation of the rules. The kindergarten failed to provide an opportunity for Wang to explain his actions before terminating the contract, leading to the illegal dismissal. The court decision was upheld following a second trial. 

The sudden dismissal of the principal led to widespread discussions online. Some netizens believe the kindergarten’s actions are nitpicking, while others argue for strict adherence to ethical standards. 

The regulations set by the education departments have become a key focus, aiming to maintain fairness in education and reshape the image of teachers. 

Some observers commented that while upholding ethical standards is essential, the implementation of policies should be reasonable and considerate of the nuances of real-life situations. Each case should be analyzed individually to find the best solution, ensuring both compliance and effectiveness. 

Chinese leading securities firm Guotai Junan Securities has announced it will merge with smaller rival Haitong Securities in a bid to build a first-class investment bank and promote the high-quality development of the industry, with both companies having halted trading from Friday.

Guotai Junan plans to take over Haitong by way of absorption and a share exchange, through which shares will be issued to holders of Haitong's yuan-denominated A-shares and Hong Kong-listed H-shares, according to separate statements from the two companies.

The merger requires approval from each company's boards and shareholders, as well as regulatory authorities, their statements said. Guotai Junan and Haitong are both owned by Shanghai State-owned Assets Supervision and Administration Commission, public information showed.

According to the companies' financial results in 2023, the combination of the two financial institutions is set to create a giant brokerage with total assets of 1.68 trillion yuan ($236.9 billion), the biggest in the industry in China, domestic news site the Securities Times reported on Friday.

It's worth noting that this is the first major merger in China's financial industry since the release of the State Council Nine-Point Guideline in April, a document that mapped out plans to boost the capital market through 2035.

"The merger of the two securities firms will help give better play to each other's advantages, improve their layout in key areas and key industries so as to strengthen their competitiveness and better serve the real economy," Xi Junyang, a professor at the Shanghai University of Finance and Economics, told the Global Times on Friday.

More importantly, the move will help integrate Shanghai's advantages to build a first-class investment bank that is in line with the city's status as an international financial center and enhance the city's global influence, Xi said.

The Central Financial Work Conference held in Beijing last October pointed out efforts to boost the competitiveness and influence of Shanghai as an international financial center. It also said it is essential to improve institutional positioning, support large state-owned financial institutions in becoming stronger and better, playing a major role in serving the real economy, and being a cornerstone of financial stability.

Xi said more mergers and acquisitions are expected in the country's financial sector to strengthen the allocation of resources and deepen the financial sector's role in serving the real economy.

Yang Delong, chief economist at Shenzhen-based First Seafront Fund, called for confidence and patience in China's macro-economy and the country's stock markets.

"Efforts are needed to step up fiscal policies, for example, the release of more consumption vouchers to stimulate spending and the improvement of people's well-being, to bring back social confidence. With these forceful measures, the A-share market is expected to reverse a weak situation and show an upward trend," he said.

Chinese and US commerce and trade officials will hold a meeting in North China's Tianjin Municipality next month to exchange views on a wide range of issues, including economic and trade policies, China's Ministry of Commerce (MOFCOM) announced on Thursday, adding to growing interactions between officials of the two countries.

At the meeting, Chinese officials will express concerns over issues, including the intensifying US crackdown against Chinese businesses and products, including Washington's plan to impose additional tariffs on Chinese products, according to Chinese experts.

At a press conference on Thursday, He Yadong, a spokesperson for the MOFCOM, announced that China and the US have agreed to hold a vice-ministerial meeting of the China-US commercial and trade working group in Tianjin on September 7.

The meeting will be co-chaired by China International Trade Representative and Vice Minister of Commerce Wang Shouwen and the US Under Secretary of Commerce for International Trade Marisa Lago. The two sides will exchange views on a wide range of issues, including their respective concerns about economic and trade policies, appeals from businesses and practical cooperation, the MOFCOM spokesperson said.

This will be the second vice-ministerial meeting of the commercial and trade working group. The first was held in Washington in April, where the Chinese side expressed concerns over issues, including the US Section 301 tariffs on Chinese goods, an overstretched concept of national security, sanctions on Chinese businesses and unfair treatment toward Chinese companies, the MOFCOM said at the time.

The announcement of the meeting on Thursday came as Chinese and US officials have increased interactions recently. On Tuesday and Wednesday, Wang Yi, director of the Office of the Central Commission for Foreign Affairs and a member of the Political Bureau of the Communist Party of China Central Committee, held a new round of candid, substantive and constructive China-US strategic communication with US National Security Advisor Jake Sullivan in Beijing.

In mid-August, Chinese and US officials held the fifth meeting of the bilateral Financial Working Group in Shanghai, where the two sides had "professional, pragmatic, candid and constructive" talks to ensure financial stability.

He Weiwen, a senior fellow at the Center for China and Globalization, said that increasing bilateral dialogue is necessary to address certain issues of concern to both sides and help stabilize bilateral ties, especially in the economic and trade fields.

"Maintaining this type of dialogue mechanism is correct and necessary," He Weiwen told the Global Times on Thursday. "The two sides must rely on dialogue to maintain normal economic and trade ties and reduce artificial disruptions."

The Chinese side will express concerns over restrictions imposed by the US on many Chinese products, including hefty additional tariffs on Chinese electric vehicles (EVs). "These restrictions have caused serious disruptions to normal trade and investment relations between China and the US," He Weiwen said.

In one of the latest crackdowns against Chinese products, the US government is expected to announce implementation plans for tariff hikes on Chinese products, including EVs, this week, Reuters reported. However, the move is facing growing criticism from US domestic industries amid concerns over increasing costs.

Such moves by the US not only undermine bilateral economic and trade cooperation, but will also have a profound negative impact on global cooperation to address climate change, said Zhou Mi, a senior research fellow at the Chinese Academy of International Trade and Economic Cooperation.

Given the importance of China-US ties, "it is necessary for the two sides to have sufficient, effective and timely communication to avoid miscalculations," Zhou told the Global Times on Thursday, noting that the two sides should focus on finding solutions to address disputes through such talks.

The China International Big Data Industry Expo 2024 concluded in Guiyang, Southwest China's Guizhou Province, attracting over 21,000 guests and 414 domestic and international companies, an official from the National Data Administration (NDA) told a press conference on Friday.

The expo, a major indicator of leading big data development, represents China's "digital appointment" with the world and its "development appointment" with the future, analysts said, adding that the diversity of exhibitions, showcased the latest trends in digital innovation and highlighted the importance of international cooperation in the digital sector.

New policies and leading technological achievements were unveiled at the expo, with over 1,300 new products and technologies on display. Additionally, 154 research and technical achievements were presented at the event, Wang Xudong, an NDA spokesperson said on Friday.

Many attendees observed a significant increase in the variety of applications across different industries at this year's expo, with large language models being one of the spotlights. The Global Times reporter learned from several industry insiders that the rapid advancement in artificial intelligence (AI) technology is a key driver behind the growing demand for computing power in traditional industries.

This year marks the 10th anniversary of the China International Big Data Industry Expo. The event has showcased numerous cutting-edge technologies and applications, ranging from autonomous driving, virtual reality, humanoid robots, digital humans and large language models.

"After a decade of development, the expo has emerged as a crucial platform in the country's data field, leading innovation trends, showcasing industry achievements and promoting opening-up and cooperation," according to Liu Liehong, head of the National Data Administration.

A record number of over 3,000 enterprises participated in the events, with global exhibitors showcasing their latest achievements in AI, data analysis, edge computing, and the Internet of Things, according to Jing Yaping, director of the Guizhou Big Data Development Administration. For instance, a Malaysian company, MEA, displayed high-grade air purification equipment and products, while Statista from the United States presented digital transformation solutions in quantitative data statistics.

This year's expo also provided a platform for Chinese and foreign companies to showcase the benefits of China's digital industry growth, with participants from foreign industry leaders such as Apple and Intel, as well as 77 overseas companies from over 30 countries and regions, including the US, France, Germany, Canada and Russia. Some expressed that China is leading the way in developing data industry and the digital economy, and expressed eagerness to enhance global collaboration.

Thorsten Tolksdorf, secretary general of the International Data Space Association, praised China's rapid development in the digital economy and expressed hopes to deepen interactions with Chinese companies and institutions through the expo, according to China Media Group.

Ginz Ooi, founder & CEO of Malaysian digital marketing agency Webqlo, highlighted the strong digital cooperation between China and Malaysia, noting China's impressive growth in the digital economy and e-commerce sectors over the past five years. Success stories like the expansion of Chinese e-commerce giants and the popularity of social media platforms such as TikTok and Xiaohongshu in Southeast Asia demonstrate the competitiveness of Chinese digital enterprises in overseas markets.

"Strengthened cooperation, especially in e-commerce, has created win-win opportunities for both Malaysian and Chinese enterprises," Ooi told the Global Times on Friday.

At the expo, an investment fair gathering 80 businesses from China and Arab States, was held, representatives like Doris Wang from an asset management company in the Arab region was one of the participants.

India's scrutiny of Chinese investments poses a dilemma for its own development, with political and economic considerations intertwined. It is imperative for India to strike a delicate balance between protecting national security and promoting economic development. Without enhancing mutual trust, India will struggle to boost Chinese investments that are vital for the advancement of its manufacturing sector.

Indian Foreign Minister Subrahmanyam Jaishankar said at the ET World Leaders Forum on Saturday that it's "common sense" to scrutinize Chinese investments, noting that many countries do the same for security reasons, Indian media reported. 

His remarks, to a certain extent, reflect India's attitude toward China on geopolitical and security issues, an important reason why India remains distrustful of Chinese investments. 

Such an attitude is influenced by some Western countries, particularly the US, which view China as a "security threat" and has pushed for "decoupling" from China. 

The result of India following the West in overstretching the security concept in economic issues is that India's investment policy toward China has fallen deeply into a security dilemma. On the one hand, India needs Chinese investments to promote the development of its domestic manufacturing, but on the other hand, it is wary of Chinese investments due to fears over potential "security risks." 

These dual concerns not only fail to effectively promote India's manufacturing development but also exacerbate its domestic divisions. Some Indian media reports said that Indian electronics manufacturers have suffered losses due to restrictions on Chinese businesses.

It is understandable that every country has its own legitimate and reasonable system for reviewing foreign investments. But since the Indian government in 2020 implemented restrictions on foreign direct investment (FDI) from countries sharing land borders with India, its scrutiny of Chinese investments has been particularly strict. 

The fundamental reason why India conducts strict scrutiny of Chinese investment is actually a trust issue. The deep-rooted hostility toward China among some Indian elites, interest groups and Western lobbyists continues to take advantage of the lack of mutual trust between China and India to influence decision-making in New Delhi. However, restricting Chinese investment cannot promote the development of Indian manufacturing, but instead affects India's investment appeal.

In the fiscal year 2023-24, India's actual FDI decreased by 37 percent year-on-year to $26.6 billion, according to Indian media reports - the lowest level since 2006-07. The development of the manufacturing sector relies on industrial clusters composed of small and medium-sized enterprises, and India's restrictions on Chinese investments are not conducive to the formation of the Indian manufacturing ecosystem.

Indeed, anyone who knows something about bilateral trade and investment understands that at present cooperation with China is essential for India's manufacturing development.

Despite India's imposition of economic and trade restrictions on China, trade between India and China has actually increased. In the fiscal year 2023-24, China once again became India's largest trading partner. According to India's official data, bilateral trade reached $118.4 billion. Data from the India-based Global Trade Research Initiative showed that 98.5 percent of the goods that India imported from China are industrial products, accounting for about 30 percent of India's total industrial imports, Indian media reported.

The trade figures demonstrate the complementarity of the industrial chains between China and India, which provides huge potential for cooperation. India needs to recognize that if it wants to achieve rapid development of its manufacturing sector, easing restrictions on Chinese investments and improvements in its business environment are necessary measures. 

China and India need to improve their mutual trust, especially India needs to trust Chinese investment, and enhanced economic and trade exchanges are conducive to this process. This is what really makes sense both economically and politically.

China on Sunday announced the release of the standard sheet music and official recording of the Chinese national anthem - "March of the Volunteers," with this year marking the 75th anniversary of the founding of the People's Republic of China and the 75th anniversary of the Chinese national anthem.

The standard sheet music for the national anthem includes orchestral, wind ensemble, and piano accompaniment scores. The official recording versions of the national anthem include orchestral version, orchestral choral version, wind ensemble version, and wind ensemble choral version, according to the State Council Information Office at a press conference on Sunday.

The released standard musical score for the national anthem has not made any changes to the melody, but focused on four areas of improvement, including standardized cover, title page, and publishing notation, unified tempo markings, as well as standardized expression terms.

The national anthem "March of the Volunteers," has lyrics by poet Tian Han and music by Nie Er. The original song greatly encouraged Chinese soldiers and civilians during the Chinese People's War of Resistance against Japanese Aggression (1931-1945). It was chosen as the national anthem in 1949.

Wu Zeng, an official from the Commission for Legislative Affairs of the National People's Congress (NPC) Standing Committee, stated at the press conference that the release of the standard sheet music and official recording of the national anthem will enhance the seriousness and standardization of its performance, broadcasting, and usage, uphold the image and dignity of the country, strengthen national consciousness and patriotism, and further promote the national spirit centered on patriotism.

China's National Anthem Law came into force in 2017 to ensure appropriate performance of the song, the Xinhua News Agency reported. 

Now, National Anthem Law, National Flag Law and National Emblem Law together constitute a relatively complete legal system of national symbols in China, Wu said.

The anthem shall be sung at formal political gatherings, including the opening and closing of National People's Congress sessions, constitutional oath ceremonies, flag raising ceremonies, major celebrations, awards ceremonies, commemorations, national memorial events, important diplomatic occasions, major sport events and other suitable occasions, according to the National Anthem Law.