By fostering reconciliation among different Palestinian factions, the recent Beijing Declaration symbolizes hope and offers an alternative approach to addressing the longstanding Middle East conflict. 

Although some may argue that the Beijing Declaration simply reiterates past statements on intra-reconciliation between different Palestinian factions, it cannot be dismissed as lacking innovation. This document presents new avenues for achieving lasting peace in the Middle East and serves as a testament to China's innovative mediation efforts. Its potential impact extends far beyond diplomatic success, offering a glimmer of hope for a better future in a conflicted region.

The Beijing Declaration provides a more comprehensive framework to unite the voices of Palestine, laying a foundation for the future establishment of a Palestinian state. A major obstacle in achieving a two-state solution is the internal division and fragmentation within Palestine's political forces. However, unlike previous agreements, the Beijing Declaration not only aims to reconcile Fatah and Hamas but also includes all other significant factions in Palestine, creating a platform for unifying their political voice.

As President Xi Jinping called for a more inclusive international peace conference on the Palestine issue, the Beijing Declaration has opened a new channel and provided a crucial supporting framework. The involvement of Egypt and Algeria in this declaration ensures its continuation as a concerted effort. Just after its announcement, Sven Koopmans, European Union Special Representative for the Middle East Peace Process, acknowledged China's "important role in reconciliation based on a two-state solution." This declaration solidifies China's position as a key player in promoting peace and stability in the region.

The Beijing Declaration, announced at a crucial time, has the power to reignite hope and confidence within the international community for a two-state solution. This declaration comes as previous deals have failed to address the pressing issue of marginalization toward this solution, which is now facing its greatest crisis yet. The unbalanced power dynamic between Palestine and Israel hinders any real progress toward revitalizing the two-state solution. Restoring unity among the various rival factions within Palestine could help rebalance their leverage in negotiations with Israel and inject new life into the long-stalled peace process for Palestine.

Ever since the successful mediation between Saudi Arabia and Iran last year, China's involvement in the Middle East has steadily increased. As it navigated through complex conflicts, China gained invaluable experience in the art of mediation. In contrast to traditional methods, China has brought fresh and innovative elements to its mediation efforts, leaving a lasting impact on the region.

China places great importance on ensuring that mediation is rooted in just values that align with international standards of justice. This was evident in its involvement in the Palestine conflict, where a balance between realpolitik tactics and adherence to just values was crucial in reaching a compromise among the involved parties. China always maintains respect for territorial integrity and sovereignty, not just in the Middle East but also in other conflict-ridden regions. 

For instance, in the case of Syria, China has exercised its veto power multiple times in the UN Security Council to prevent military intervention, because it recognized the importance of balancing power dynamics. This approach has earned China trust among regional countries, making it a powerful mediator in various conflicts.

From China's perspective, mediation is seen as a continuous and sustainable effort that is of utmost importance in earning credibility. The peace process in the Middle East is a challenging task, filled with unpredictable twists and turns. A mediator must understand that a single peace deal will not be a quick fix to deeply-rooted conflicts, and that maintaining a long-term and sustainable effort is key. In contrast to the US approach, China's engagement in Middle East peace is not influenced by partisan interests or government turnover. This serves as an institutional guarantee for China to effectively participate in the peace process and bring about lasting change.

China firmly believes that mediation should not be weaponized and used as a tool for geopolitical confrontations. In contrast to US initiatives in the region, China's mediation approach does not rely on the leverage of military alliances, but rather on its strong economic partnerships with Middle Eastern countries. Additionally, China's mediation efforts are not tied to any geopolitical intention. The focus remains on fostering peaceful relationships and promoting mutual cooperation among all nations involved.

China's involvement in mediating Middle East conflicts marks another significant achievement in its efforts to engage with the region. However, this path toward peace requires international cooperation as a necessary foundation. Despite key differences between China's mediation methods and those of the US, it embodies the ancient Chinese principle of finding harmony amid diversity. It is important to note that China's mediation does not contradict existing initiatives in the Middle East, but rather complements them, with a sincere hope for the Middle East to become an oasis of peace amid an increasingly fragmented world and a beacon of hope for global unity and understanding.

The US' newly approved strategy hyping the intelligence threat from China and Russia is an old trick by Washington attempting to provoke camp opposition in the Asia-Pacific region, serving its plan to implement unilateralism and hegemonism in the region, which will only bring insecurity and instability to the international community, Chinese experts said on Friday.

According to VOA, US President Joe Biden signed on Thursday a new strategy claiming Russia, China, Iran and North Korea as the "main culprits" that caused the US to face "a series of unprecedented threats from foreign intelligence agencies." 

The strategy also claimed that Moscow and Beijing are "the most significant intelligence threats," and hyped that they are increasingly cooperating with each other "to undermine the US."

The US' aggressive smearing of countries in the Asia-Pacific is a deliberate attempt to create divisions and foster hostility in the region, Chinese experts said.

"By painting China and Russia as adversaries, the US is seeking to create the formation of opposing camps in the Asia-Pacific region," Lü Chao, dean of the Institute of American and East Asian Studies at Liaoning University and a research fellow at the Charhar Institute, told the Global Times on Friday.

It has been the consistent practice of the US to stigmatize China in an effort to tarnish its international reputation, Lü said, noting that this is aimed at serving Washington's unilateral hegemonism in the Asia-Pacific region. However, Lü warned that such actions will only bring serious insecurity and instability to the international community.

When asked about US hyping of the bilateral cooperation between China and Russia, Lü emphasized that these partnerships are conducted with a focus on mutual benefit and are never targeted at a third party. Despite this, the US continues to take a provocative attitude toward China-Russia cooperation, and is also trying to sabotage the coordination between other countries and China and Russia. 

The US' reliance on spreading disinformation to sow discord and conduct provocation is a futile endeavor that is destined to end in failure, analysts said.

Experts also noted that the US hype has significantly eroded the bedrock of mutual trust in China-US relations. Both sides stand to benefit from cooperation and lose from confrontation, but the US continues to wantonly smear China, constantly exaggerating the bilateral relationship as being a hostile one, Lü said.

It is imperative for the US to approach its interactions with China in a rational manner and avoid crossing red lines. China will resolutely fight back if any further provocative actions are taken by the US, experts said.

US officials have called for Washington to prioritize matching China's presence in the Global South. However, Chinese experts noted that China's approach of equal and mutually beneficial cooperation, as opposed to the US' Cold War mind-set and its carrot-and-stick approach, has been key in winning hearts in Global South countries. 

Speaking at a Senate Foreign Relations Committee hearing on Tuesday, Ben Cardin, a Democratic senator and chair of the Senate Foreign Relations Committee, said the US needs to offer the Global South an alternative to China.

"In order to address these challenges, the US should not only be investing in our military, but also our diplomatic and economic development tools," Cardin said.

Echoing Cardin, US State Department Deputy Secretary of State Kurt Campbell said at the hearing that he has traveled to Africa twice since his appointment in February and has plans for a third trip. He also noted that there are 14 ambassador nominations for posts on the continent yet to be approved by the Senate, according to Voice of America. 

Several senators at the hearing stressed the need to increase the US diplomatic footprint and fill empty ambassadorial posts, particularly within the Global South.

Campbell said the lack of US ambassadors in key posts is "embarrassing" and "antithetical to US strategic interests." 

The US has quickened its pace in competing with China over influence in the Global South in recent years. In the latest move, the US opened an embassy in the Pacific island country of Vanuatu earlier this month, described as part of Washington's long-running competition with China for influence in the Asia-Pacific region.

The US has overlooked a crucial distinction in its approach to cooperation with Global South countries compared to China. While China offers equal and mutually beneficial partnerships that contribute to the development of these nations, the US often employs a carrot-and-stick approach to coerce support for its own interests, and treats these countries as tools in a geopolitical competition, Song Wei, a professor from the School of International Relations and Diplomacy at Beijing Foreign Studies University, told the Global Times. 

Campbell also said that "we need to do more, and we have to contest Chinese actions, not only in terms of their forward basing strategy, but their desire to go after Africa's rare earths that will be critical for our industrial and technological capabilities."

US competition with China in obtaining critical minerals, such as rare earths, will further politicize and intensify the global scramble for resources in developing countries, which is not conducive to the development of these countries, Song said.

A new Gallup report released in April this year shows median approval ratings for the US in Africa slipped from 59 percent in 2022 to 56 percent in 2023. Of the four global powers asked about, the US was the only one not to see its image improve across Africa in 2023. Meanwhile, China's approval in the region rose six percentage points, from 52 percent in 2022 to 58 percent in 2023, two points ahead of the US. 

A series of ASEAN-related meetings and bilateral sideline talks have been held in Vientiane, capital of Laos in recent two days, as foreign ministers from ASEAN and the Asia-Pacific region gathered to discuss shared concerns and emphasize unity amid rising global uncertainties. 

Chinese Foreign Minister Wang Yi's busy schedule in Laos, which included discussions on China-ASEAN relations, regional development and major global issues, demonstrated that despite geopolitical tensions and competition among major countries, dialogue and cooperation with an open China remain attractive to other nations.

As instability grows globally and interference from external countries intensifies, especially on the South China Sea issue, ASEAN countries are placing greater emphasis on regional unity and prioritizing cooperation with China and other major countries, rather than being drawn into small cliques that could undermine regional collaboration, analysts said.

Wang, also a member of the Political Bureau of the Communist Party of China (CPC) Central Committee, attended the ASEAN Post-Ministerial Conference with China, together with the ASEAN foreign ministers or their representatives and Secretary-General of ASEAN Dr. Kao Kim Hourn on Friday in Vientiane. 

During the meeting, Wang outlined the fruitful achievements made between China and ASEAN in various aspects from trade and investment to people-to-people exchanges and energy cooperation. For instance, China has remained ASEAN's largest trading partner for 15 consecutive years, while ASEAN has become China's largest trading partner for four years straight, with bilateral trade growing 10.5 percent year-on-year in the first half year of 2024. 

The ASEAN Foreign Ministers' Meeting and related events were held against the backdrop of sluggish global economic growth and protracted geopolitical conflicts. All parties hope to turn this region into a driving force for global economic development and to activate new momentum for international cooperation, Xu Liping, director of the Center for Southeast Asian Studies at the Chinese Academy of Social Sciences, told the Global Times. 

ASEAN is a priority direction and key region for the high-quality joint construction of the Belt and Road Initiative, and it is also one of the first regions to benefit from China's efforts to advance high-level opening-up, Xu said.

The expert noted that Wang's visit to Laos, which is also his first overseas visit after the third plenary session of the 20th CPC Central Committee, as well as his extensive exchanges with ASEAN foreign ministers, will promote the implementation of reform measures proposed by the session and further deepen China-ASEAN cooperation. 

Growing challenges

The 57th ASEAN Foreign Ministers' Meeting started in Vientiane on Thursday, followed by meetings with East Asian countries and other global players, including Russia, the US, and the EU. According to the Chinese Foreign Ministry, from Thursday to Friday, Wang Yi held bilateral meetings with the foreign ministers of Russia, India, Japan, South Korea, the UK and Norway on the sidelines of the ASEAN-related meetings.

Chinese Foreign Ministry spokesperson Mao Ning said on Friday that Wang will also meet with US Secretary of State Antony Blinken in Laos at the latter's request. Although Mao did not provide specific information on the time and other details of the meeting, she said that it is believed Wang and Blinken will exchange views on issues of mutual concern.

According to Xu, the ASEAN-related meeting and sideline talks have become a crucial platform for China to engage in bilateral diplomacy and participate in multilateral cooperation. Over the years, China has consistently prioritized its neighboring regions in its diplomatic strategy, actively articulating its perspectives on the international stage and expanding its global influence.

Some analysts noted that China's stance on settling disputes through dialogue was clearly demonstrated in Wang's interactions with other countries' diplomats during the sideline talks, aligning with ASEAN's common aspirations.

For example, Wang met with Indian External Affairs Minister Subrahmanyam Jaishankar in Vientiane on Thursday, and the two sides agreed to jointly commit to maintaining peace and tranquility in the border areas and promote new progress in border affairs consultations.

Qian Feng, director of the research department at the National Strategy Institute at Tsinghua University, said that the latest remarks of the Chinese and Indian top diplomats on the border issue underscore both countries' commitment to resolving border disputes through diplomatic channels and dialogues, despite existing divergences. Such efforts to prevent differences from escalating into conflicts is particularly important given the current international context. 

The current global instability makes peace in Asia, especially Southeast Asia, particularly valuable. Most ASEAN countries cherish their hard-earned peace and wish to avoid conflicts like those in Europe, Gu Xiaosong, dean of the ASEAN Research Institute of Hainan Tropical Ocean University, told the Global Times.

Foreign ministers of China and majority regional countries have emphasized the importance of peaceful dispute resolution, agreeing that war would disrupt the region's economy. Many also expressed a strong desire to prevent the escalation of the South China Sea situation through dialogue and cooperation, aiming to maintain regional peace and stability, Gu said. 

However, analysts noted that efforts by China and most ASEAN members to resolve South China Sea issues through dialogue, as well as ASEAN's efforts to strengthen unity, have faced provocations from external interference. For example, the US and some of its allies have intensified attempts to draw ASEAN countries into their small cliques and back the Philippines in its provocations over South China Sea issues, raising concerns in the region.

Most Southeast Asian countries have expressed a strong willingness to maintain peace and stability in the South China Sea, which will positively influence the current tense situation to some extent, said Liu Chang, a research fellow from China Institute of International Studies. 

Liu said that US Secretary of State Blinken's meeting with ASEAN foreign ministers and visit to Southeast Asia are unlikely to yield significant results. "Until the dust settles on the US presidential election, Southeast Asian countries are expected to be more cautious in their cooperation with the US."

ASEAN will continue to emphasize its collective stance, adhering to its existing foreign policy and avoiding taking sides in major power rivalries. This reflects ASEAN's determination to uphold regional peace and stability while remaining vigilant against potential instability from major power conflicts, said observers. 

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.