More than 700 years ago, Marco Polo, driven by a quest for true knowledge, traveled the vast Silk Road, bridging distant Eastern lands with Europe. This journey forever linked China and Italy, a connection that has endured unbroken.

Today, 700 years later, people commemorate this brave Venetian merchant, feeling the echoes between history and modernity.

Chinese President Xi Jinping met with Italian Prime Minister Giorgia Meloni in Beijing on Monday, the Xinhua News Agency reported.

Noting that China and Italy are at the two ends of the ancient Silk Road, Xi said the time-honored friendly exchanges between the two countries have made significant contributions to the overall exchanges and mutual learning between Eastern and Western civilizations, and to the progress of humanity.

The Silk Road spirit of peace and cooperation, openness and inclusiveness, mutual learning and mutual benefit is a shared treasure of China and Italy, Xi said.

At the invitation of Chinese Premier Li Qiang, Meloni is paying an official visit to China from July 27 to 31.

During their meeting on July 28, both Li and Meloni vowed to promote pragmatic cooperation.

Noting that this year marks the 20th anniversary of the China-Italy comprehensive strategic partnership, Li said China is ready to work with Italy to implement the important consensus reached by the leaders of the two countries, carry forward the tradition of friendship between the two countries, advance exchanges and cooperation in various areas, bring more benefits to the two peoples, and make greater contributions to global peace and development, Xinhua reported.

The friendly exchanges between China and Italy have a long history. Italy has long been at the forefront of EU countries in terms of exchanges and cooperation with China.

Since the establishment of diplomatic relations in 1970, cooperation in various fields such as politics, economy, trade, culture, and science and technology has continuously deepened, laying a solid foundation for the development of bilateral relations.

Economic and trade cooperation has always been a vital pillar of China-Italy relations. Italy is China's fourth-largest trading partner in the EU, while China is Italy's largest trading partner in Asia. According to statistics, in the first quarter of this year, the total import and export trade between China and Italy was 123.856 billion yuan ($19 billion), a year-on-year increase of 4 percent, showcasing significant resilience.

Both sides have achieved fruitful cooperation in high-end manufacturing, clean energy, aerospace, digital intelligence, pharmaceuticals, health, the ice and snow industry, and third-party markets, with broad prospects. Italy has been invited multiple times as the guest of honor at major exhibitions such as the China International Import Expo, expressing confidence in further exploring the Chinese market and sharing development dividends.

Both China and Italy are ancient civilizations that admire and appreciate each other, sharing a common pursuit of a diverse cultural world where each of their beauty shines. Following the successful hosting of the China-Italy Year of Culture and Tourism in 2022, both sides have cooperated to hold commemorative events for the 700th anniversary of Marco Polo's death in various locations this year, highly affirming the importance of cultural exchanges and mutual learning.

The number of Chinese and Italian students studying in each other's countries continues to grow, with "Chinese language fever" in Italy remaining strong. There are 12 Confucius Institutes and 39 Confucius Classrooms that have been established in Italy, nurturing and fostering a new generation of Marco Polos in the new era.
Sidebar:

The legendary Marco Polo

Marco Polo, the Italian merchant and traveler from Venice, is renowned for his legendary journey to the East and his detailed accounts. His name is closely associated with the medieval history of China.

In 1271, Marco Polo, along with his father Niccolò and uncle Maffeo, set out for China. Their journey across the Silk Road took three and a half years, eventually leading them to the capital Dadu (present-day Beijing) of the Yuan Dynasty (1271-1368).

In China, Marco Polo was warmly received by the Yuan Emperor Kublai Khan and held a significant position in his court. Kublai Khan showed great interest in this foreign visitor and sent him on missions to various parts of the empire, allowing him to witness China's vast lands and diverse cultures.

These assignments gave Marco Polo the opportunity to travel extensively across the Yuan Dynasty's territories, including present-day Inner Mongolia, Xinjiang Autonomous Region, Xizang Autonomous Region, Yunnan, and the southeastern coast. He meticulously recorded his observations, detailing China's prosperous cities, advanced handicrafts, magnificent palaces, and colorful cultural customs.

Marco Polo lived in China for nearly 17 years before returning to Venice in 1295. His experiences were documented in The Travels of Marco Polo, written around 1300 by Italian writer Rustichello da Pisa based on Marco Polo's oral accounts. This book provided a comprehensive description of China's geography, politics, economy, and culture, becoming a crucial window for Europeans to learn about China. The book not only sparked immense interest in the East among Europeans but also influenced later explorers and geographers, such as Christopher Columbus.

In addition to his rich observations, Marco Polo brought back many items and knowledge from China that enriched European understanding and facilitated cultural exchange between the East and West. It is estimated that he returned with silk, porcelain, spices, gunpowder, fireworks, and paper money. He also introduced Chinese agricultural techniques, urban planning, and architectural styles. Marco Polo detailed various Chinese technologies and crafts, such as printing, tea processing, papermaking, and metallurgy. The dissemination of these technologies in Europe played a positive role in the technological advancements of the Renaissance period.

Although there is some scholarly debate about whether Marco Polo actually visited China, it is undeniable that his book bridged cultural exchanges between the East and West. It promoted European knowledge and exploration of Asia, particularly China, in the later Middle Ages. Marco Polo's journey was not only a personal adventure but also a significant chapter in the history of China-Europe cultural exchanges, leaving a valuable historical record for posterity.

A business delegation led by the China Council for the Promotion of International Trade (CCPIT) was scheduled to arrive in the US on Sunday for a six-day visit to several US cities, according to an itinerary seen by the Global Times.

This is the first Chinese business delegation to visit the US after the third plenary session of the 20th Central Committee of the Communist Party of China, also known as the "third plenum." This is also a return visit after a group of US senior executives, led by the US-China Business Council (USCBC), ended a three-day visit to China on July 23, following the conclusion of the third plenum.

Analysts noted that the mutual visits are of great significance, as American businesses need to learn about China's next development directions after such an important meeting, as well as the main path to achieve them. Chinese companies want to see if there are any changes in the US market, while expressing their desire to establish or strengthen supply chain relationships with US companies.

They also noted that more frequent exchanges between the Chinese and US business communities will contribute to the development of economies of the two countries and global stability.

"The Chinese delegation will pass on a series of important new opening-up measures to the US business community. Chinese entrepreneurs also look forward to hearing the responses and aspirations of our American friends. We will work together to achieve more results in practical economic and trade cooperation and promote the sustained, steady and sound development of China-US relations," Wang Linjie, a spokesperson of the CCPIT, said on Friday during a regular press conference.

Wang noted that the business communities of China and the US are important defenders of and contributors to bilateral relations. Both Chinese and American companies are closely involved in the ups and downs of bilateral relations, and without exception, they hope to actively promote bilateral relations to stabilize the situation, improve and move forward.

According to the itinerary seen by the Global Times, the Chinese delegation will meet with representatives of US companies, including Corning Inc, Pfizer, Cargill and Starbucks. The delegates will also visit the UN Global Compact, the US Chamber of Commerce and the USCBC.

In recent days, there have been frequent exchanges between the diplomatic and business associations of China and the US, which weren't coincidental. Such exchanges show that the two countries attach great importance to economic ties. Both sides have reached a consensus that such two-way exchanges and consultations are mutually beneficial and lead to win-win outcomes, Gao Lingyun, an expert at the Chinese Academy of Social Sciences, told the Global Times on Sunday.

"Through trade associations, rather than direct government involvement, this approach is relatively less sensitive and provides a certain buffer space," Gao said, noting that the benefits of strengthening economic and trade cooperation between China and the US are obvious.

To a large extent, "it has overcome some ideological contradictions or political considerations, and it is necessary to return to the essence of win-win cooperation."

These exchanges can increase mutual understanding and exchanges, and they can help reduce misjudgments, Zhou Mi, a senior research fellow at the Chinese Academy of International Trade and Economic Cooperation, told the Global Times on Sunday.

"Chinese companies want to see if there are any changes in the US market, as they are currently facing great pressure in the US market mainly due to political factors. However, Chinese companies also want to stress that they cherish strengthening supply chain cooperation with their US counterparts," Zhou said.

Zhou noted that the visit led by the CCPIT will take the initiative to continue to expand some of the information about China's Third Plenum and pass it on to more members of the American business community.

Participants of the US delegation stated that the visit helped to build confidence, despite challenges and complexity in the bilateral relations.

According to a statement released by the USCBC after concluding the three-day visit to China, the trip promoted commercial exchanges, advanced economic and policy priorities to further open and reform China's market, and supported ongoing US-China dialogues in meetings with Chinese government and business leaders.

China's State-owned Assets Supervision and Administration Commission of the State Council (SASAC) said on Friday that Chinese centrally administered state-owned enterprises (SOEs) will step up investment in sci-tech innovations to make breakthroughs in solving "bottleneck" problems for greater contribution to accelerating the country's high-level sci-tech reliance and building the country into a sci-tech giant.

By acting in line with the resolution adopted at the third plenary session of the 20th Communist Party of China (CPC) Central Committee, we will concentrate resources to boost centrally administered act as the main force in developing new quality productive forces, Wang Hongzhi, deputy head of the SASAC, said at a press conference in Beijing on Friday.

By comprehensively implementing the new type of national system with concentrated efforts and resources for important events or projects, the SASAC will firmly invest in fields that feature long research and development (R&D), high investment and other types of enterprises are unwilling to participate, Wang said.

China has stepped up efforts to boost the innovation prowess of its state firms. These SOEs promote the high-end, intelligent and green development of traditional industries while accelerating the building of a systematic layout for strategic emerging industries.

The R&D investment of central SOEs expanded by 14.5 percent on average each year from 2016 to 2020. In the past two years, their annual investments have exceeded 1 trillion yuan ($140 billion) and notable achievements have been made in aerospace, deep-sea exploration, energy and transportation, Wang said.

In 2023, investments in strategic emerging industries surged by 32 percent year-on-year and the revenue exceeded 10 trillion yuan for the first time, Wang said, noting that the control and influence of SOEs in key fields have further increased and new advantages are being formed at an accelerated pace.

Next, efforts will be made to improve institutional rules for cooperation between SOEs and other types of enterprises. Meanwhile, the administration will encourage SOEs to share innovation resources and give full play to the advantages of various kinds of enterprises to deepen cooperation and achieve mutual development, Lin Qingmiao, another official with the SASAC, said at the same conference.

Guided by the direction of a new round of technological revolution and industrial reform, the SASAC will make centrally administered SOEs play a demonstration role in this round of large-scale renewal of equipment, Liu Shaowei, another official with the SASAC, said at the same conference.
Liu said centrally administered SOEs plan to invest a total of 3 trillion yuan in this regard over the next five years.

A group of US senior executives concluded a visit to China on Tuesday following the conclusion of the third plenary session of the 20th Central Committee of the Communist Party of China, a trip that aimed to promote commercial exchanges, advance economic and policy priorities to further open and reform China's market, and support ongoing US-China dialogues in meetings with Chinese government and business leaders, according to a press release from the organizer, the US-China Business Council (USCBC).

The delegation of the board of directors of the USCBC included executives from the council and some US companies like Boeing Global and United Family Healthcare.

"We appreciate the opportunity to engage with Chinese leaders to promote commercial relations and advocate our priorities for the benefit of our companies and employees," the council's board chair and FedEx Corp President Raj Subramaniam was quoted in the press release as saying.

"We support the two governments' efforts to regularly discuss and seek to manage bilateral and global challenges. The USCBC remains committed to working with the US and China on innovative solutions to make the world safer, healthier and more prosperous," Subramaniam said.

The implementation of more than 300 reform measures in various fields unveiled from the resolution adopted at the just-concluded third plenum will constantly inject new vitality and momentum into Chinese modernization while offering more opportunities for China to deepen mutually beneficial cooperation and achieve common development with other countries, Chinese Foreign Ministry spokesperson Mao Ning said on Wednesday at a press conference.

Mao made the remarks responding to a media question regarding the three-day visit of the US delegation, which also included business leaders from Goldman Sachs and Starbucks.

Mao said on Wednesday that the new blueprint for China's reform and opening-up charted by the third plenum has gained wide attention worldwide, and the session sent a strong signal that China will unswervingly stick to reform and opening-up in the new era.

She noted that the landing of these measures will also continuously improve all aspects of institutions and mechanisms, and break down all kinds of obstacles.

In addition to the US business community, domestic and foreign entrepreneurs and observers said that the third plenum sends a positive and warm signal not only to China but also the whole world, elevating their confidence for further investment and development in the country and injecting stability into the world amid growing geopolitical tensions and protectionism.

Moreover, global institutions have retained unchanged confidence in China's steady economic recovery.

The IMF raised China's GDP growth forecast for 2024 to 5 percent in its latest World Economic Outlook (WEO), an upward revision of 0.4 percentage points compared with the April WEO report. HSBC, a multinational bank, said in a report earlier that it expects China to achieve its annual GDP growth target of 5 percent, while noting that China's industrial production and manufacturing investment have become the highlights of economic activity in the nation.

China will take a multi-pronged approach to improve the new system for mobilizing resources nationwide to boost the overall performance of our country's innovation system while also building a self-supporting and risk-controllable industrial chain, especially in key industrial chains such as integrated circuits, industrial machine tools, industrial software, and advanced materials, according to a resolution on further deepening reform comprehensively to advance Chinese modernization that was adopted at the just-concluded third plenary session of the 20th Communist Party of China (CPC) Central Committee. 

A detailed version of the resolution was published on Sunday by the Xinhua News Agency under authorization. The adoption of a reform resolution is the most important outcome of the third plenum, which was held in Beijing last week. 

The series of measures concerns almost every aspect of technological innovation, including mechanism reform, tech result application, talent development, the leading role of private enterprises as well as policy boosts. Observers said that the top-level design will play a vital role in mobilizing resources and coordinating efforts to spearhead China's technological progress in the years to come, which is consequential amid the US-led blockade, fragmented tech supply chain and cut-throat global tech race. The innovative drives will also underpin the country's march toward the overarching goal of Chinese modernization. 

According to the resolution, China will firmly push for deepening scientific and technological structural reform.

The country will optimize the organizational mechanism for key technologies that are placed at "the global frontiers of science and technology, the development of the economy and address major needs of the country," while it will also mount a concerted push for breakthroughs in core technologies in key fields.

It also calls for the establishment risk monitoring, early warning, and response systems to safeguard science and technology security. 

It also urged moves to improve the management of science and technology plans to ensure that they are forward-looking and play a guiding role in basic research, interdisciplinary frontier areas, and key fields. The resolution emphasized reinforcing the principal role of enterprises in innovation, and it will back enterprises that volunteer to lead or participate in major national science and technology programs.

With regard to new quality productive forces, the resolution encouraged improving the institutions and mechanisms for fostering new quality productive forces in line with local conditions

Chinese authorities should steer emerging industries toward sound and orderly development, while also improve the policy and governance systems for promoting the development of strategic industries such as next-generation information technology, artificial intelligence, aviation and aerospace, new energy, new materials, high-end equipment, biomedicine, and quantum technology

"We're strongly inspired and encouraged," Yang Yuanqing, chairman and CEO of Lenovo, told the Global Times on Friday, commenting on the resolution. 

Measures to further deepen reform comprehensively to advance Chinese modernization will create a sound institutional environment for the high-quality development of the economy, while sparking the vitality of enterprises and enhancing their innovation capacity for the accelerated development of new quality productive forces, Yang said.

"There are multiple positive signals seen in the resolution, for example, in encouraging tech breakthroughs in areas where China is being strangled by Western countries, and in giving private entities more flexibility in undertaking major technological projects. Those measures paint a very promising roadmap for China's homegrown technologies to elevate both security and competitiveness in global arena," Cao Heping, an economist from Peking University, told the Global Times on Sunday. 

Wang Peng, an associate researcher with the Beijing Academy of Social Sciences, told the Global Times on Sunday that the parts concerning deepening tech system reform are very problem-oriented. "It gives tech research staffers greater autonomy in the distribution of benefits from the commercialization of scientific and technological results," Wang said.

According to observers, from a long-term perspective, the measures are conducive to building an open innovative ecosystem under which talent is abundant, the integration of industry, academia and research is deep, and the application of technological achievements is moving swiftly.

"It carries great significance at a time when the Chinese economy is undergoing a stage of transforming from a quantity-driven to a quality-driven model, and is set to inject new impetus into the development course," Wang said. 

As Western economies have spared no effort to target China's tech rise and the trend is anticipated to deteriorate, Chinese policymakers' priority in ensuring tech sufficiency is also of great importance in shaking off the US-led blockade and cementing a leading position in global tech competition, analysts said. 

At a meeting hosted by the Ministry of Science and Technology on Friday to learn about the third plenum, Chinese officials also called for accelerating tech self-reliance and self-strengthening. 

"We should strengthen the overall coordination of strategic planning, policy measures, major tasks, scientific research forces, resource platforms and regional innovation….We should fully leverage the foundational and strategic support role of technology in building the Chinese modernization," the meeting said, according to a statement seen on the ministry's website on Sunday. 

US Secretary of State Antony Blinken unveiled Wednesday a new program to boost production of semiconductors in some Latin American countries. "This initiative will turbocharge countries' capacity to assemble, to test and to package semiconductors, beginning with Mexico, Panama and Costa Rica," Blinken said, according to AFP.

It's not a bad thing if Latin American countries gain manufacturing investment from the US. But the program may be just "lip service" from the US. 

The Western Hemisphere Semiconductor Initiative comes as Washington tries to reignite the flame of semiconductor manufacturing in the US. The government is flexing all policy muscles to boost domestic semiconductor manufacturing by suppressing its competitors. So, it is almost impossible for the US to give full support to other countries' efforts in advancing semiconductor manufacturing. 

What the US wants is perhaps to establish small cliques of allies in the Americas. Even if semiconductor industrial chains can be established in the Americas under the Western Hemisphere Semiconductor Initiative, the US-led alliance will require Latin American countries to serve US interests. Rising labor costs in the US may push some labor-intensive semiconductor manufacturing to Latin American countries with lower costs. However, those businesses have low added value.

Semiconductor manufacturing is divided into two parts - front-end and back-end. The front-end segment refers to the manufacturing of wafers, while the back-end process consists of packaging and testing. It is widely believed that the US will focus on the front-end part. 

Although the US may bring Latin American countries some small-scale investment in back-end semiconductor manufacturing, we don't think it will be very helpful in boosting the development of manufacturing in Latin American countries.

Although the US is a world leader in cutting-edge chip design, its share of global semiconductor manufacturing reportedly declined from 37 percent in 1990 to about 12 percent in 2023. Even if the US is truly willing to extend its semiconductor industrial chain to Latin American countries, the investment it can bring will be limited.

Reviving US manufacturing has been a key goal for the Biden administration, but it is not an easy task. Short-term incentives and subsidies cannot improve the long-term competitiveness of the US manufacturing industry. If the US fails to revive its chip sector, the Western Hemisphere Semiconductor Initiative will end up being just words for Latin American countries.

Because of different national conditions, the economic and manufacturing situations in Latin America are complex and uneven. Some countries are still in the initial stage of industrialization, and there will be many technical obstacles that stand in the way of producing cutting-edge semiconductors. 

Those countries in Latin America have no foundation in chip manufacturing in terms of technology, talent or the support of upstream and downstream industrial chains. The Western Hemisphere Semiconductor Initiative will be of limited help to stimulate the development of those countries' manufacturing sectors.

Some Latin American countries are accelerating their integration into the global semiconductor manufacturing chain. For example, Brazil has introduced multiple policies to support the development of the semiconductor industry.

However, those countries need to realize that they cannot rely on the US to develop their semiconductor industries, especially front-end chip manufacturing. 

Those countries must pursue a path of independent innovation and overcome challenges in developing strategic emerging industries such as semiconductor manufacturing.

China's semiconductor industry has for many years been struggling to catch up. The country has made great strides toward innovation and a technology-driven economy in recent years. 

For the semiconductor industry, China has always maintained an open and cooperative attitude. China and Latin American countries share broad potential for cooperation in such areas as semiconductor-related industries.

China's State Council, the country's cabinet, announced on Thursday further opening-up measures in six trial cities across various areas, including tourism, cultural and telecom industries.

These measures, which come after a series of opening-up policies such as visa-free entry, demonstrate China's commitment to increasing its pace of opening-up and will further boost foreign investment sentiment in the country, experts said.

The six cities are Shenyang in Northeast China's Liaoning Province, Nanjing in East China's Jiangsu Province, Hangzhou in East China's Zhejiang Province, Wuhan in Central China's Hubei Province, Guangzhou in South China's Guangdong Province and Chengdu Southwest China's Sichuan Province.

These pilot cities will implement temporarily adjusted provisions in certain industries, allowing foreign investments to greater access in aged care, travel, telecom, entertainment and live performance businesses.

For example, foreign investment can establish non-profit aged care institutions in Hangzhou, Guangzhou and Chengdu.

Foreign investments are also allowed to set up travel agencies in Shenyang, Nanjing, Guangzhou and Chengdu and operate outbound travel business in areas excluding China's Taiwan island. 

Local cultural department authorities in Nanjing, Wuhan, Guangzhou and Chengdu will have the authority to approve foreign live performance groups to perform in these cities while in the past it will go through the approval from the central level.

In the telecom sector, Shenyang, Nanjing, Hangzhou, Guangzhou and Chengdu will open up virtual private network or VPN services for foreign investment through joint ventures.

In recent years, foreign investment in China's service sector has grown rapidly. As Chinese people become wealthier, there has seen a significant increase in demand for services such as aged care, quality of life improvements, various value-added services, Zhang Yansheng, chief researcher of China Center for International Economic Exchanges, told the Global Times on Thursday.

Zhang noted that the pilot cities are well selected as they are among China's new first-tier cities, which are well-developed and possess unique strengths, making them highly appealing to foreign capital.

The move, following recent sweeping opening-up measures such as visa-free policies, showcased China's vigorous efforts and confidence to be an open economy, Hu Qimu, a deputy secretary-general of the Digital-Real Economies Integration Forum 50, told the Global Times on Thursday.

Hu highlighted the steadfast recovery of China's tourism sector. Both foreign visitors' arrivals and domestic travelers' journeys have placed higher demands on service capabilities, Hu said, noting that the move will stimulate the tourism boom in these pilot cities and meet the rising international travel demands.

"Expanding opening-up will not only meet China's industrial development needs but also offer vast potential to foreign investors to share the country's market dividends," Hu said.

China has rolled out multiple policies to attract foreign investment this year. 

China recorded 14.64 million inbound trips made by foreigners in the first half of this year, up 152.7 percent year-on-year, following measures introduced since January, the National Immigration Administration announced on July 5, the Xinhua News Agency reported.

In March, the government released an action plan proposing 24 measures, including measures to expand market access, foster a level playing field and facilitate the flow of innovation factors.

Foreign direct investment in the Chinese mainland, in actual use, totaled 412.5 billion yuan ($57.94 billion) in the first five months of 2024, data from the Ministry of Commerce showed.

A total of 21,764 new foreign-invested firms were established across China in the reporting period, an increase of 17.4 percent, the data showed.

China's Ministry of Commerce (MOFCOM) issued notice on Thursday, saying that investigating authorities will use a sampling method in anti-dumping probe into EU pork, while providing further details on the sampling plan and the preliminary sampling results for anti-dumping case involving pork and pig by-products from Europe.

Given the large number of EU exporters and Chinese domestic producers involved, a full investigation would overburden investigating authorities and prevent the timely completion of the investigation, according to a ministry notice. Therefore, in accordance with the relevant provisions of corresponding domestic rules and regulations, the investigative authority decided on the sampling approach.

Companies are selected for sampling based on their export quantities to China during the dumping investigation period, with the top three exporters in terms of export quantity selected, the notice read.

Based on initial sampling, the investigation identified the top three EU exporters by export volume during the investigation period. These exporters are Danish Crown A/S, VION Boxtel B.V., and LITERA MEAT S.L.U., have been instructed to complete a questionnaire within a specified timeframe.

The announcement came as the European Commission (EC), the executive body of the EU, announced to impose additional tariffs of up to 38.1 percent on electric vehicles (EVs) imported from China starting in July, which prompted harsh criticism from Chinese officials as well as industry and business groups. Chinese officials have repeatedly vowed to take all necessary measures to defend the legitimate rights and interests of Chinese companies.

In a notice issued on June 17, MOFCOM said that the China Animal Agriculture Association on June 6, on behalf of the Chinese pork and pig by-products industry, submitted an application for an anti-dumping investigation into certain pork and pig by-products originating from the EU. After a review of the application, MOFCOM determined that it meets the requirements for launching an investigation in accordance with the relevant laws.

The probe will examine certain pork and pig by-products originating from the EU from January 1, 2023 to December 31, 2023.

It will also investigate any damage done to domestic Chinese industry from between January 1, 2020 to December 31, 2023.

According to statistics from the Ministry of Agriculture and Rural Affairs, the investigation agency selected the top 20 enterprises in terms of pig slaughter volume in the country in 2023 as sampling enterprises.

The total slaughter volume of the 24 sampled enterprises in 2023 was approximately 44.78 million pigs, accounting for 6.16 percent of the national pig slaughter volume last year.

The probe is expected to end before June 17, 2025, but may be extended for half a year under special circumstances.

"Starting from 2023, the EU's exports of certain pork and pig by-products to China have increased significantly, making it necessary to investigate pricing factors in accordance with WTO rules," Cui Hongjian, a professor from the Academy of Regional and Global Governance under Beijing Foreign Studies University, told the Global Times in a previous interview.

Chinese analysts said that the MOFCOM probe was launched at the request of the domestic industry in line with WTO rules, in stark contrast to the actions of the European Commission’s investigation, which was launched without an application from relevant domestic industry groups in the EU, while the investigation process was unfair, non-objective and in potential violation of WTO rules.

The International Monetary Fund (IMF) released on Tuesday an update to its World Economic Outlook, predicting that China's economic growth rate will be 5 percent in 2024, an upward revision of 0.4 percentage points from the forecast in April.

The 20th Central Committee of the Communist Party of China (CPC) started its third plenary session in Beijing on Monday morning.

Xi Jinping, general secretary of the CPC Central Committee, delivered a work report on behalf of the Political Bureau of the CPC Central Committee and expounded on a draft decision of the CPC Central Committee on further comprehensively deepening reform and advancing Chinese modernization.