The best way to commemorate Henry Kissinger may well be to remember the importance of diplomacy and the need for great powers to behave responsibly and soberly in their relations with each other, Thomas A. Schwartz, a renowned academician and author of Henry Kissinger and American Power: A Political Biography, told the Global Times on Thursday.

As the biography author who spent long time with Kissinger for the book, Schwartz noted that Kissinger's great goal was to "create a structure of peace and stability, and we would honor him by pursuing that effort."

Former US secretary of state Henry Kissinger died on Wednesday at his home in Connecticut at the age of 100, Kissinger Associates Inc said in a statement.

He is viewed as an important figure in the China-US icebreaking process in 1972 while his secret trip to China in 1971 paved the way for a thawing of bilateral relations, which ushered in a new era in China-US relations and for the world.

Kissinger was an "intermediary" between China and the US government. He carried messages to Chinese leaders from the US and carried responses back to American presidents. He played a leading role in US foreign policy during the Nixon and Ford presidencies, and his diplomatic ideas continued to have a profound impact on the US government's foreign policy even after he left office.

According to records, since then Kissinger has visited China more than 100 times in his lifetime with his last visit having been made in July 2023 when bilateral ties hit a low point.

"We need more figures, who are in that realm of communicating between the two countries. And we need to have a whole range of institutional dialogues between government, military, and economic officials, so that there is a constant understanding," Schwartz told the Global Times previously.

Schwartz also said that, although Kissinger was 100, he was still surprised when he heard the news of his death.

"Two days ago I watched an interview he did, and he was still sharp and articulate, and his analysis of international issues remained impressive. He seemed indestructible," he said.

Kissinger was known for his longevity as he kept maintained a grueling 15-hour workday and demanding international travel schedule even at the age of 99, according to media reports. On China's social media platforms, some netizens discussed heatedly about his habit of staying up late and eating fried food but can still keep healthy and energetic.

In response to the question about what lessons current and future world leaders should draw from Kissinger's experiences and diplomatic strategies, he underscored negotiation in which Kissinger had strong faith.

"Kissinger firmly believed in negotiation, and he believed in sticking with negotiations even in the most difficult circumstances. He believed that diplomacy was better than hostility, and that nations with different systems could coexist and live together peacefully," he said. "This sounds simplistic, but it really was something he constantly advocated and sought to achieve."

In a previous interview with the Global Times, Schwartz said that a major difference between Kissinger and diplomats in the US today is that, presently "a lot of our diplomats have relatively little sense of the broader range of history. Kissinger had a sense from history that terrible things can happen. And I think American diplomats today sometimes don't recognize the degree of danger that can come from careless diplomacy."

In this sense, Kissinger always had a sense that people needed to be extraordinarily careful in undertaking diplomatic tests, and that people should not treat disputes between nations lightly.

"There is a tendency to think of short-term advantages instead of long-term interests. I think Kissinger had a broader and a longer term sense, partly because he was thinking as a historian, or as someone who has a vision of a longer period, he pointed out," he said.

According to Schwartz, Kissinger hoped that Americans will have a broader historical vision of world stability and a broader understanding of other countries. "I think he would like that to be his legacy: A better understanding of the world and of other countries, and of the need for effective diplomacy to maintain peace."

The 2023 Basketball Game for Foreigners commenced recently in Beijing. The game was co-organized by the Foreign Affairs Office of the People's Government of Beijing Municipality and the Beijing Municipal Bureau of Sports. 

Nearly 30 expatriates from 17 countries such as Japan, United States, Brazil, South Korea, Zambia, and other countries participated in the match.

The Mongolian Embassy in China, five universities including the University of Science and Technology Beijing (USTB), and the Beijing-Japanese Club Basketball Association (Beijing 56°ers) formed eight teams to participate in the competition.

The event has been held for six consecutive years, with a high reputation among embassies and expatriates, and has so far seen more than 60 teams with about 1,400 expatriates in Beijing participate in the tournament, to an audience of 20,000 local and international spectators. 

This is the first time that this year's basketball tournament has been included in a Beijing-level social basketball activity, the Beijing Second Community Cup Basketball League Three-Person Basketball Tournament.

Zolboo Enkbold from the Mongolian Embassy in China expressed his excitement at participating in matches with all the teams, and commended the activity for being carefully organized with a warm atmosphere geared toward the enrichment of the cultural and sports lives of expatriates in Beijing.

Alexandre, a Mozambican student from the USTB, said it was his first time to participate in a three-player basketball tournament in Beijing, for which he was very happy, and he hoped to continue to actively participate in similar activities in the future.

The Monetary Policy Committee of the People's Bank of China (PBC), China's central bank, has been reshuffled, with Wu Qing, new head of the China Securities Regulatory Commission, and another PBC official and two economists becoming new members.

Meanwhile, Yi Huiman, former CSRC head, and three others withdrew from the committee, according to the PBC website on Tuesday.

This is the first committee reshuffle following the amendment of some rules for the Monetary Policy Committee on January 18.

The amended rules added that the committee will adhere to the leadership of the Communist Party of China, improve the modern monetary policy framework and report important matters to the CPC Central Committee and the State Council, the cabinet.

The Monetary Policy Committee is a consultative body for the making of monetary policy by the central bank, whose responsibility is to advise on the formulation and adjustment of monetary policy and policy targets within a certain period, application of monetary policy instruments, major monetary policy measures and the coordination between monetary policy and other macroeconomic tools.

The committee plays its advisory role on the basis of comprehensive research on macroeconomic situation and the macroeconomic targets set by the central government, according to an introduction on the PBC website.

The Monetary Policy Committee performs its duty by convening the regular quarterly meeting. On December 27, the committee held its fourth-quarter meeting, stressing that China will step up the implementation of the new monetary policy that it put in place.

The adopted policies include maintaining reasonable and sufficient liquidity, guide reasonable credit growth and a balanced credit supply, and keep the scale of social financing and money supply in line with the set targets for economic growth and consumer price levels.

Chen Binhua, a spokesperson for the Taiwan Affairs Office of the State Council, on Wednesday criticized the Democratic Progressive Party (DPP) authorities in Taiwan for jeopardizing the island's chip industry by catering to external forces. It comes amid growing concerns on the island about the future of the critical industry.

At a press briefing, Chen was asked to comment on a recent article about how the US' so-called CHIPS Act could hurt Taiwan's chip industry.

Chen pointed out that the article reflects serious concerns about the DPP authorities catering to external forces without any principle or bottom line, as well as concerns that Taiwan's key industries are being hollowed out, that core enterprises have been suppressed, and competitive advantages have been weakened.

"If Taiwan's economic autonomy in industrial development and its sway in the global production and supply chain are lost, how much 'family fortune' will it still have? In the end, it will only become an 'abandoned piece' instead of a 'chess piece,'" Chen said. "So the views of these industry experts are by no means alarmist."

The article was published jointly on February 26 by three leading figures in Taiwan's chip industry, cautioning that the US "CHIPS Act" could undermine Taiwan Semiconductor Manufacturing Co (TSMC) and strangle the island's semiconductor industry.

In the article, "How America's CHIPS Act hurts Taiwan," Burn Lin, former R&D vice president of TSMC, pointed out that "the US CHIPS Act is so poorly designed that it is likely to undercut Taiwan's TSMC, the world's leading semiconductor manufacturer, and leave the entire industry even more vulnerable than it already is."

The article, which was published by Project Syndicate, was also signed by many other experts from Taiwan and has sparked heated discussion in political and business circles in the island, with some pointing out that the DPP authorities are using semiconductor manufacturers like TSMC as a bargaining chip by forcing them to build factories abroad in order to attract external forces to "support Taiwan."

The so-called CHIPS and Science Act, which was approved by the administration of President Joe Biden on August 9, 2022, plans to hand out $52 billion in subsidies to lure semiconductor manufacturers to relocate to the US, with the aim of maintaining and advancing its scientific and technological edge.

Taiwan's semiconductor industry has become a key target for US officials and TSMC has been effectively coerced to step up building plants in the US.

Chinese officials have repeatedly slammed the protectionist US moves and crackdown measures in the chip industry, saying that US export controls and suppression of Chinese semiconductor companies are acts of economic bullying.

The success of China's electric vehicles (EV) is "the success of globalization," and Chinese-made EVs are internationally popular due to their good quality, production capacity and cost controls, instead of subsidies, a Foreign Ministry spokesperson said on Wednesday.

"We hope that the EU side will abide by WTO rules, honor its commitment to market openness, respect the laws of the market economy and the innovation efforts of Chinese enterprises, prudently use trade remedy tools and jointly safeguard China-EU economic and trade cooperation," Wang Wenbin, the spokesperson, said during a regular press conference, when asked about the EU's probe into Chinese EVs.

Across the global EV supply chains, the interests of all parties are intertwined, Wang said, adding that Chinese EVs have contributed to global green and low-carbon development.

As to China's anti-dumping investigations into imported brandy from the EU, Wang reiterated China's commitment to a high level of opening-up and upholding the principles of the market economy and WTO rules, and this will not change.

"We are ready to provide an open, inclusive, transparent and non-discriminatory business environment to foreign companies, including those from the EU, to conduct trade and investment cooperation in China," Wang said.

The Ministry of Commerce (MOCFOM) announced on January 5 that it will launch an anti-dumping probe into some imported brandy from the EU. The investigation was initiated at the request of Chinese companies, an official in charge of the MOFCOM's Trade Remedy and Investigation Bureau said.

Upon receipt of the application, the MOFCOM examined it in accordance with Chinese laws and regulations and in compliance with WTO rules, and it held that the application met the requirements for filing an anti-dumping investigation, the official said.

"We will conduct the investigation according to relevant Chinese laws and regulations, as well as WTO rules, in an open and transparent way and safeguard the rights of all stakeholders in the process," Shu Jueting, a spokesperson for the MOFCOM, said on January 12.

China's anti-dumping investigations accord with China's legal framework and the WTO guidelines, and a decision will be based on factual evidence. However, EU investigations into Chinese EVs have not followed the WTO rules and they smack of trade protectionism, Chinese analysts said.

According to the WTO's anti-subsidy regulations, the EU is required to first demonstrate that Chinese EVs have received subsidies and that this has affected local manufacturers. However, the bloc has not proved any receipt of subsidies nor shown that local EU production of EVs has been affected by imports from China, Sun Yanhong, a senior research fellow at the Institute of European Studies under the Chinese Academy of Social Sciences, told the Global Times.

Some critics in the EU claim that China-made EVs sold in the EU market have a clear price advantage over those made by local manufacturers, but they never mention that Chinese cars sold in the EU are about twice as expensive as those sold in China, industry insiders pointed out.

They added that components such as motors, controllers and chargers used in China-made EVs come from European companies, including but not limited to Bosch, Siemens and Alstom. Chinese EVs producers are also working with European automakers to promote technological innovations.

For example, Bosch on Monday won the approval to start construction of the second phase of a production base for new-energy vehicle components and a self-driving research and development (R&D) center in Suzhou, East China's Jiangsu Province, the Suzhou Industrial Park announced on its WeChat account on Tuesday.

Total investment for Bosch's Suzhou production and R&D base will exceed $1 billion. Phase one of the project is expected to begin trial production in September, and formal mass production will be achieved in early 2025.

Analysts said that opening-up has promoted the development of China's EV industry. China has maintained an open and welcoming attitude toward EV companies from around the world, including Volkswagen and Tesla.

China's A-share market has seen a sustained rebound recently, with multiple overseas financial institutions voicing intentions to boost their holdings. Analysts suggest that the influx of foreign capital serves as a barometer, and they believe that concerted measures will keep driving economic growth and market recovery in 2024.

"Global funds are returning to China stocks," Bloomberg reported on Tuesday, citing Morgan Stanley analysts.

Outflows from Chinese equities slowed into the end of February and regional active managers started adding growth and technology stocks, analysts said.

China's stock market is now highly attractive from a valuation standpoint, making A-shares particularly appealing, Zhu Liang, investment director of AllianceBernstein Fund Management Co, said in a note introducing the company's investment outlook in 2024.

China's listed companies are expected to maintain profit growth in 2024. It is estimated that the earnings per share of A-shares will increase about 17 percent this year. If valuation multiples remain unchanged, the profit growth suggests that the Chinese stock market should perform quite well, Zhu said.

Kinger Lau, chief China equity strategist at Goldman Sachs, and his team maintain a cautiously optimistic outlook on the Chinese stock market, anticipating that economic improvements will drive a rebound in corporate profits. Given that A-share valuations are currently at historic lows, the team maintains its "overweight" stance on A-shares, according to the company's 2024 investment outlook released via its official WeChat account in December 2023.

Goldman Sachs expects 10 percent profit growth for shares in the MSCI China Index and 11 percent profit growth for companies in the onshore CSI 300 Index in 2024.

Capital from the Middle East has continued to bet on Chinese assets, with investments spanning multiple popular sectors including new-energy vehicles, petrochemicals, pharmaceuticals, steel and more.

China-based E Fund Management and leading Saudi Arabian asset manager Riyad Capital have recently signed an agreement to exchange expertise and cooperate in local investment areas.

Analysts had previously expected that capital from the Middle East would increase its investment in the Chinese capital market, which could potentially bring an annual inflow of funds of about 20 billion yuan ($2.78 billion) to A-shares in the Chinese mainland and H-shares in the Hong Kong Special Administrative Region, according to financial publication stcn.com.

After hitting a low point of 2,635 on February 5, the benchmark Shanghai Composite Index rebounded and gained for eight straight days. It has remained above 3,000 points in recent trading sessions.

In February, A-shares reversed the trend of continuous net outflows of foreign capital seen in the previous six months. Northbound capital - overseas money flowing into China's A-share market via the Hong Kong stock exchange - increased holdings in the A-share market by a substantial 60.74 billion yuan, reaching a 13-month high.

The net buying volume of northbound capital in A-shares for the month already surpassed the total for the entire year of 2023, financial data provider Wind showed.

"The downturn in the A-share market last year deviated from China's normal economic fundamentals and the previous continuous net outflow of northbound capital was abnormal," Hu Qimu, a deputy secretary-general of the digital-real economies integration Forum 50, told the Global Times on Wednesday.

Some foreign funds that engaged in malicious short-selling underestimated not only China's resolve to stabilize its capital market but also the resilience of its economy, Hu noted.

The underlying stability of the capital market should be enhanced, according to the Government Work Report submitted to the second session of the 14th National People's Congress on Tuesday.

This sets a clear direction for the reform and development of the capital market this year, addressing the concerns of all market participants, including investors, about the current state of the capital market, experts said.

Moreover, the People's Bank of China (PBC), the country's central bank, will continue to strengthen the connectivity between domestic and foreign financial markets, attracting more overseas investors to the country's markets, PBC Governor Pan Gongsheng said at a press conference on Wednesday.

As of the end of January, foreign investors had been net purchasers of Chinese bonds for 12 consecutive months, with cumulative net purchases of 1.8 trillion yuan, Pan said.

Looking at the global landscape, the US Federal Reserve is expected to start a rate-cutting cycle by the second half of this year, which is likely to provide support for the yuan's performance this year. It is estimated that foreign capital inflows into A-shares for 2024 could range from 100 billion to 200 billion yuan, Yang Delong, chief economist at Shenzhen-based First Seafront Fund Management Co, told the Global Times on Wednesday.

TikTok is in the spotlight once again, as German Chancellor Olaf Scholz was quoted by media outlets as saying that he wants the government to open an account on the Chinese video-sharing app. It is hoped that Western economies can take this as a chance to promote positive interactions with TikTok and foster a fair, transparent and predictable environment for Chinese companies.

The West's suppression of TikTok is a sheer act of discrimination in the guise of so-called national security. A spokesperson for the German government said on Friday that Berlin still needed to check the situation thoroughly before launching an account, and members of the federal press office could not access the app on their government phones, Reuters reported.

This situation is unlikely to change immediately, but efforts should be made to tackle discrimination. At the very least, Germany should lift its ban on TikTok and allow government employees to have the app on their work phones.

A ban on TikTok won't solve so-called data privacy problems. On the contrary, it will bring new problems and challenges. 

First, if TikTok, the world's most popular video-sharing app, is blocked from Western countries, content creators will suffer significant losses. With TikTok, some influencers are earning substantial amounts of money, many of whom are young people. The internet provides not only a way to cheaply obtain entertainment, but also offers economic opportunities for young people who are more willing to accept new ideas and changes.

Second, protectionist sentiment won't help the internet economy, and will instead impede its growth. A ban on TikTok will restrain market competition, and slow down the development of the internet economy. 

Reuters said in its report that parties such as the Alternative for Germany are already leveraging the TikTok platform to connect with younger voters. However, whether it's a political party in Germany or in other Western countries, if it wants to win young voters, it is not enough to just open a TikTok account. It should give a boost to the internet economy, encourage fair competition, and stop unreasonable suppression of advanced enterprises, including TikTok.

Germany should adopt a strategy to encourage TikTok to invest. Germany's economy has had a rough year: its GDP shrank by 0.3 percent in 2023. Germany, at the forefront of industrial innovation for decades, is struggling to adapt to the digital age. 

The German economy needs to find new growth drivers. The development of new productive forces can cultivate new economic growth drivers and competitive advantages, and provide new impetus for its economy.

In countries like China, the commercialization of internet technologies is pushed by big enterprises such as TikTok's owner ByteDance. Their commercial success is an example of how the commercialization of internet technologies is speeding up. 

Industry 4.0 represents the fourth industrial revolution, driven by the fusion of digital technologies with traditional manufacturing processes. Germany should strengthen cooperation with China in the field of Industry 4.0, which will help leverage Germany's industrial advantages.

If Germany falls into Washington's narrative trap of "national security" and continues to suppress TikTok and other Chinese enterprises, it will miss important cooperation opportunities with China's internet industry.

It will be a test of Germany's wisdom to see if it can capitalize on business opportunities arising from bilateral cooperation with Chinese internet companies and make the cooperation a positive factor for its economic restructuring.

From this perspective, whether the German government will open a TikTok account is not the most important thing. For the German economy, the most important thing is that Germany should lift its ban on TikTok, create and maintain a fair, competitive business environment for Chinese internet enterprises, and encourage both sides to strengthen cooperation in the fields of the internet and the digital economy.

China's Civil Aviation Administration of China (CAAC) has vowed to strengthen international connectivity and global reach of its major airports, aiming to build world-class aviation enterprises and air hubs by 2050. 

CAAC will boost intercontinental connectivity and global influence of the airports in Beijing, Shanghai and Guangzhou, upgrading them into world-class aviation hubs, Han Jun, deputy administrator of CAAC, said on Wednesday. 

It is part of the administration's latest efforts to enhance transit efficiency, and streamline entry and exit process.

The CAAC will focus on elevating the capacities of major hubs in China, building international and regional hub airports in cities across China, and advancing development of air cargo hubs such as the Ezhou Huahu Airport in Ezhou, central China's Hubei Province.

The administration also plans to optimize resource allocation for airlines. CAAC also stressed the importance of improving operation efficiency of Chinese airports, airlines, and air traffic control, and aim to boost the overall transport capacity of aviation hubs with integrated transportation system.

Efforts will also be made to create a more convenient policy environment, by optimizing visa and immigration policies, as well as easing customs clearance.

The Chinese Foreign Ministry on Tuesday said that arbitrarily putting up barriers can't stop China's innovation, and it urged the US to support companies from all countries to promote technological progress through fair competition.

The remarks came after US chipmaker Nvidia identified Huawei as a top competitor in areas including artificial intelligence (AI) chips, and said that if the US tightens export controls on chips, its competitive position could be further affected in the long term.

"Small yard and high fence" will not stop China's innovation-driven development, nor will it do any good to US companies or the entire semiconductor industry," Mao Ning, Foreign Ministry spokesperson, told a press conference on Tuesday.

Mao noted that open cooperation is the core driving force for the growth of the semiconductor industry. China is one of the major semiconductor markets in the world. To fragment the market, destabilize global industrial and supply chains, and stymie efficiency and innovation serves no one's interests.

The US needs to follow the principles of market economy and fair competition, and support companies around the world in advancing science and technology through healthy competition, Mao said.

Nvidia identified Huawei as a top competitor in supplying chips designed for AI, such as graphics processing units, central processing units and networking chips, for the first time in a filing with the US Securities and Exchange Commission last Wednesday, Reuters reported.

Industry observers said the move underscored the rapid ascent of Chinese companies' tech prowess, fueled by their stepped-up research and development (R&D) investment and the explosive demand in the domestic market.

"It shows that China has not been hindered by the US-launched tech war, but has instead made progress by developing its own chip technology and ecosystem," Xiang Ligang, director-general of the Beijing-based Information Consumption Alliance, told the Global Times on Tuesday.

China's AI sector is undergoing a development boom, with the scale of the core industry at 500 billion yuan ($69 billion) and the number of AI enterprises exceeding 4,300, according to the Ministry of Industry and Information Technology last year.

While Chinese companies are reducing their reliance on US technology due to escalating chip bans, the curbs have had a negative impact on the business of US companies.

Nvidia is offering customers samples of its two new AI chips aimed at the China market, its CEO Jensen Huang said, in a bid to defend its market dominance amid the US export curbs, Reuters reported last week.

The offering shows Nvidia's urgent efforts to retain the Chinese market, yet the market reaction to the downgraded chips in China has not been very positive, as potential buyers are concerned that there may be further restrictions after purchase, Xiang said.

According to its results released last Wednesday, Nvidia recorded sales of $1.9 billion in the China market in the fiscal fourth quarter, which ended on January 28, Reuters reported.

That amounted to about 9 percent of total sales, down from 22 percent in the previous quarter when it reported $4 billion in sales in the region.

"This last quarter, our business significantly declined as we…stopped shipping in the marketplace (for China)," Huang said during the earnings call.

Two C919 and three ARJ 21 jets, which were developed by Commercial Aircraft Corp of China (COMAC), debuted at the Singapore Airshow on Tuesday, using various formats and performances, COMAC said in a statement sent to the Global Times. 

On the sidelines of the Singapore Airshow, China's Tibet Airlines and COMAC signed a contract for 40 high-altitude C919 planes and 10 ARJ 21 orders. Henan Civil Aviation Development & Investment Group ordered six ARJ 21 planes including fire-fighting aircraft, medical use aircraft and emergency rescue aircraft, COMAC said in a separate statement sent to the Global Times.

International debut of China's home-developed planes, together with recent achievements in the high-end manufacturing sector, underscores the country's continuous efforts and determination in bolstering its high-tech development, which will significantly propel China's economic progress in 2024, observers said. 

The large-scale participation showcased China's strong confidence in its commercial aircraft. China is able to manufacture and start the market operation of domestic commercial aircraft, Wang Yanan, chief editor of Beijing-based Aerospace Knowledge magazine, told the Global Times on Tuesday.

The achievement is also a major progress in the international sense, since only a few countries can manufacture commercial aircraft, Wang said. 

Wang noted that the Singapore Airshow is an opportunity to demonstrate China's manufacturing strength in high-tech products, while China's participation also showcased the country's strong willingness to explore the international market.
The Singapore Airshow, which kicked off on Tuesday and lasts until Sunday, is the largest aviation event in Asia. 

The C919 large passenger jet, which can seat up to 192 passengers and fly up to 5,555 kilometers, is equipped with advanced aerodynamic design, propulsion systems and materials, leading to lower carbon emissions and higher fuel efficiency. 

A total of four C919 jets have been delivered and safely carried more than 110,000 passengers since the plane made its maiden commercial flight on May 28, 2023. Mass production and the development of the series are both going smoothly, per the COMAC statement.

This year will be a key period to speed up mass production and deliveries of the C919, and for COMAC to integrate the industry, supply and innovation chains for the airliner while expanding in the overseas market, Qi Qi, an independent market watcher, told the Global Times.

The ARJ21 has a passenger capacity of up to 97 and a maximum flight span of 3,700 kilometers. It has good takeoff and landing performances with crosswind resistance ability at high elevations and in high temperatures. 

Since the ARJ 21 was put into commercial operation in June 2016, a total of 127 jets have been delivered, and they have safely carried more than 11 million passengers. Among them, two planes are operated by Indonesia's TransNusa Airlines on four routes based in Jakarta to five cities, and they have transported more than 100,000 passengers, according to COMAC. 

In December 2023, the C919 and the ARJ21 made their first appearance in the Hong Kong Administrative Region, marking the first time for the C919 to leave the Chinese mainland.

China has achieved fruitful results in the high-end manufacturing sector amid its rapid development and upgrading, and the continuing momentum will help the nation retain its leading position in the global competition, Pan Helin, a professor at Zhejiang University's International Business School, told the Global Times on Tuesday.

The development of the high-end manufacturing sector will play a vital role for advancing China's economy this year, as it is a major representation of the new productive forces, Pan said. He added that the sector's development will also drive the development of related industry chains and create industrial agglomeration effects. 

China's first domestically produced large cruise ship, Adora Magic City, carried around 8,000 passengers in two separate voyages during the just-passed Spring Festival holidays, which is another vivid example of the country's manufacturing prowess. 

China has demonstrated its "strong momentum and broad prospects" in the development of new productive forces, the backbone of which are strategic emerging industries and industries of the future, Cai Wei, chief strategy officer of KPMG China Advisory, told the Xinhua News Agency in a recent interview. 

The share of strategic emerging industries, such as new energy, high-end equipment and biotechnology, in China's GDP surpassed 13 percent in 2022 from 7.6 percent in 2014, according to Cai. China plans to raise the level to 17 percent by 2025, per the Xinhua report.