A merchant in Yiwu, East China's Zhejiang Province, showcases popular styles of Christmas hats in his booth on October 10, 2024. Festival goods are selling well in the Yiwu International Trade Market, which has more than 800 vendors offering Christmas merchandise. These vendors export Christmas items to more than 100 countries and regions each year. Photo: VCG

China's foreign exchange reserves totaled $3.316 trillion at the end of September, up 0.86 percent from the previous month, according to data from the State Administration of Foreign Exchange. Notably, this figure exceeded the estimate of $3.304 trillion, as projected by a Wall Street Journal poll of economists.

The September rise was the third consecutive month of month-on-month growth, with reserves remaining stable above $3.2 trillion for 10 straight months, according to media reports. Additionally, China's foreign exchange reserves have remained the largest in the world for 19 consecutive years.

The growth in China's foreign exchange reserves can be partially attributed to short-term factors such as fluctuations in exchange rates and asset prices. However, the sustained high levels and growth rates that exceeded market expectations strongly indicate the stable development of the Chinese economy. 

This sustained high level of foreign exchange reserves, a key indicator of a country's economic strength and resilience, not only reflects China's robust economic capabilities and its effectiveness in adapting policies to changing conditions, but also suggests that the Chinese economy is well-positioned for continued stable growth.

In the complex and ever-evolving international economic landscape, along with volatile financial markets, China's strong position in its foreign exchange reserves is bolstered by its strong manufacturing capabilities, an increasingly optimized foreign trade structure and attractive conditions for foreign investment. These elements work together to enhance the overall balance of international payments, providing a solid foundation for the country's foreign exchange reserves. 

In turn, China's continued high level of foreign reserves is particularly beneficial for the stability of the yuan's exchange rate and helps China tackle impacts from financial crises in international markets. It facilitates the further optimization of China's foreign trade structure while maintaining sustained growth. It supports the stable development of the Chinese economy on a relatively solid exchange rate foundation, which could attract more foreign investment into the Chinese market.

First, sufficient foreign exchange reserves provide China with a crucial buffer against the uncertainties and fluctuations of the international financial market. In times of external economic downturns, these reserves can be utilized to stabilize the yuan's exchange rate, thereby ensuring the overall stability of the financial market. 

The interest rate cut by the US Federal Reserve in September has affected international financial markets, yet significant uncertainty remains regarding the Fed's future policies and the US economic outlook. In this context, China's foreign exchange reserves play a vital role in maintaining exchange rate stability, helping the country withstand external financial risks and avert potential financial crises.

Second, foreign exchange reserves are essential for covering import costs in international trade, supporting the smooth operation of China's foreign trade. Global trade is experiencing significant changes influenced by the trends of the green and digital transitions. Additionally, geopolitical factors and increasing protectionism are contributing to uncertainties in the global trade landscape.

As China's foreign trade structure is steadily improving, innovative forms of foreign trade, including cross-border e-commerce, are continually gaining pace. A substantial level of foreign exchange reserves enhances China's ability to improve the structure of its foreign trade and mitigate the effects of rising protectionism, "decoupling" and geopolitical disruptions.

Third, adequate foreign exchange reserves can enhance foreign investors' confidence in the Chinese market and economy, leading to increased foreign capital inflows. 

A stable exchange rate environment is an important consideration for foreign-invested enterprises, as it reduces exchange rate risk. Having a higher level of foreign exchange reserves provides China with greater flexibility in its economic policy and exchange rate adjustments, enabling it to better respond to economic fluctuations and attract foreign investment.

The Central Commission for Discipline Inspection (CCDI) of the Communist Party of China announced on Monday the punishments for four officials involved in disciplinary violations or misconduct, as China's war against corruption has continued, with deepened efforts in some key sectors and expanded coverage to safeguard the country's high-quality economic and social development.

One of those officials is Tang Yijun, former chairman of the Jiangxi Provincial Committee of the Chinese People's Political Consultative Conference (CPPCC), who was expelled from the Party and dismissed from public office. Tang's violations include accepting banquets and out-of-line travel arrangements, improperly accepting gifts, cash, and gift cards, and allowing expenses that should have been paid by him to be covered by others. He failed to truthfully explain issues during organizational inquiries and discussions.

Another official is Dou Wangui, a member of the leading Party members group of the Xinjiang Uygur Autonomous Regional Committee of the CPPCC and vice chairman of the committee. He was found to have leveraged his positions to seek gain for his relatives and friends in business operations and assisting others in gaining advantages in mine exploitation, project contracts and the selection and promotion of officials. In return, he accepted money and gifts. Dou has been expelled from the Party and dismissed from public office.

Zhang Ping, who was deputy head of Guizhou's discipline inspection commission and provincial commission of supervision, has been expelled from the Party and dismissed from public office for violations such as failing to truthfully explain issues during discussions within the organization, and seeking benefits for others in the selection and appointment of officials.

Du Zi, former deputy head of the Standing Committee of the People's Congress of Inner Mongolia Autonomous Region, has been expelled from the Party over serious violations of Party discipline and laws. Du had allegedly taken advantage of his power to seek benefits for others in matters such as project contracting, coal resource allocation and job adjustment, illegally accepting money and valuables in return.

Authorities in a county in Central China’s Henan Province responded on Monday to a dispute over a betrothal gift after a video that showed the bride’s relatives allegedly demanding an additional 188,000 yuan ($26,791) bride price in cash before allowing the wedding car to leave went viral and sparked heated discussion online.

Local authorities clarified in a statement that investigation showed that because the groom transferred 188,000 yuan of betrothal gift to the bride’s personal bank account, the bride’s family thought that they did not directly receive the bride price, thus they prevented the wedding car from leaving.

A video clip showing a man climbing onto the hood of a wedding car to prevent the bridegroom taking the bride away went viral over the National Day holidays. The publisher of the video alleged that the bride’s elder brother and his wife stopped the car to demand an additional 188,000 yuan of bride price in cash, according to Xiaoxiang Morning Post report. The report added that the original video could not be found on the short video platform on Sunday.

Authorities in Huaibin county, Xinyang, Henan Province, formed a joint team, finding out the incident happened on October 1. According to the statement, police were later called to the scene to handle the situation, and the wedding proceeded smoothly. The local authorities issued a warning to the bride’s brother for his actions and organized mediation between the two parties, leading to a settlement where the groom agreed to pay 30,000 yuan to the bride’s family for the dowry.

Local authorities held a special meeting addressing the matter on Sunday afternoon, stressing the efforts to further update outmoded and undesirable habits and customs, and prevent such incidents from reoccurring.

Fossils of pterosaurs, stegosaurs, plesiosaurs, and more - this dinosaur fossil site in Southwest China's Sichuan Province showcases numerous prehistoric creatures that surpass the diversity seen in the Jurassic World movies.

It is the Dashanpu Middle Jurassic Dinosaur Fossils Site, located in Zigong, a city in southern Sichuan Province. As one of the world's most renowned dinosaur fossil sites, it has an excavated area of nearly 3,000 square meters, uncovering tens of thousands of fossilized bones from over 200 individual dinosaurs and other vertebrates from 160 million years ago.

At the recent 37th International Geological Congress held in Busan, South Korea, the Dashanpu Middle Jurassic Dinosaur Fossils Site was listed as a Geological Heritage Site by the International Union of Geological Sciences (IUGS).

"The richness in number, diversity of species, concentration of burial, and the preservation quality of dinosaur and other vertebrate fossils at the site is unmatched globally," Jiang Shan, director of the research department at the Zigong Dinosaur Museum, told the Global Times.

Scientific value

The Dashanpu site was once a lake-delta environment during the ­mid-Jurassic period. This lush and water-rich landscape combined with warm and humid climatic conditions provided a perfect environment for dinosaurs and other vertebrates to thrive.

When dinosaurs died on a large scale for various reasons, periodic large floods swept their bodies into the area. As water flow slowed at the lake's entrance, many dinosaur carcasses settled and were quickly buried, undergoing petrification over millions of years. Over time, the accumulation of fossils created a vast and spectacular dinosaur graveyard.

The fossil site boasts the most concentrated dinosaur fossil deposits, many of which are well preserved. Among the notable finds are the best-preserved eusauropoda known to date and the most complete primitive stegosaur globally.

"This site not only fills a significant gap in the sparse mid-Jurassic dinosaur fossil record, but also provides extremely valuable materials for the study of early dinosaur systematics," said Zeng Xiaoyun, director of the Zigong Dinosaur Museum.

The site also features the richest assemblage of mid-Jurassic terrestrial vertebrate fossils. Prior to this discovery, mid-Jurassic dinosaur fossils were sporadically found in North Africa, East Asia, Western Europe, and Australia, leaving a limited understanding of dinosaurs from this period.

The discovery at Dashanpu opens a window into the mid-Jurassic terrestrial fauna. During this time, the Dashanpu area was home to a variety of carnivorous and herbivorous dinosaurs, as well as fish, amphibians, crocodiles, and flying pterosaurs, forming a highly concentrated and diverse mid-Jurassic dinosaur fossil community.

The application process for the second batch of 100 geological heritage sites recognized by the IUGS began at the beginning of 2023. A total of 10 geological heritage sites from China were submitted, of which three were selected. After more than a year of evaluation by experts, the final list was announced by competing against 174 candidate sites from 64 countries.

"The inclusion of the Dashanpu Middle Jurassic Dinosaur Fossils Site highlights the scientific value and research standards of the site, as well as the international recognition of the protection measures implemented by the Zigong Dinosaur Museum," Jiang said.
Digitalized preservation

In 1987, the Zigong Dinosaur Museum was established on the fossils site, which is currently the most comprehensive museum in the world for showcasing mid-Jurassic dinosaur fossils. It has served as the core of the Zigong Global Geopark, recognized by UNESCO as a key site for geological and paleontological research.

The museum's collection primarily features Mesozoic dinosaur specimens, covering paleontology, petrology, and mineralogy, including many of the finest specimens from the Dashanpu site, ranging from large and complete dinosaur skeletons to the smaller fossilized remains of other vertebrates.

Among its treasures are a preserved dinosaur fossil area of 1,350 square meters, world-class specimens of significant scientific value, such as the most complete and primitive stegosaur, and China's first stegosaur skin impression fossil.

"These invaluable fossils provide crucial material for research on dinosaur classification, physiological traits, and evolutionary history," Huang Xinyue, deputy director of the office at the museum, said.

The museum has used digital technology to enhance its preservation and research efforts. According to He Xu, a senior engineer at the museum, it has digitized its collections, creating 3D models of its key fossils to ensure that they are accessible to researchers around the world.

"We will continue to strengthen the preservation and utilization of cultural and natural heritage, using modern technologies such as artificial intelligence, big data, and virtual reality to establish a digital dinosaur museum," said Zeng, the museum director.

Since the Zigong dinosaur fossils first traveled to Hiroshima, Japan in 1989, they have been exhibited in more than 30 cities across nine countries and regions, including Japan, Thailand, Denmark, the US, South Africa, South Korea, Australia, New Zealand, China's Hong Kong SAR, and the island of Taiwan.

The museum also hosts international academic conferences and collaborates with foreign universities and research institutions to promote the study of dinosaur evolution and mid-Jurassic ecosystems.

According to Jiang, the museum has been strengthening collaboration with domestic and international universities and research institutions, such as Stony Brook University in the US, the University of Bonn in Germany, the University of Hong Kong, the China University of Geosciences (Beijing), and the Institute of Vertebrate Paleontology and Paleoanthropology at the Chinese Academy of Sciences.

"Through synergistic innovations involving museums, universities, and research institutes, the museum aims to support the advancement of dinosaur fossil research and preservation," Jiang noted.

The "Future World" International Youth Art Festival was held on Saturday in Samarkand, Uzbekistan, with over 500 participants, including government officials, cultural figures, artists, and youth representatives from both China and Uzbekistan.

The festival was co-hosted by China's State Council Information Office, the Youth Affairs Agency of Uzbekistan, and the Samarkand regional government.

The festival kicked off with the "Future World" International Youth Art Exhibition and the "Future Vision" Digital Cultural Exhibition. The art show featured over 300 pieces of works created by young artists from China, Uzbekistan, and other nations, covering various categories, including painting, calligraphy, and crafts. The works explored diverse themes, including technological innovations, cultural heritage preservation, civilizational exchange, and global challenges. Through vibrant colors and unique perspectives, the young artists conveyed their imagination and deep reflections on the future world.

The "Future Vision" Digital Cultural Exhibition emphasized the importance of knowledge and innovation. It features cutting-edge achievements from nearly 30 institutions in the fields of digital technology, cultural creativity, and science education. More than 600 books aimed at youth, covering a wide range of topics, provided a cultural feast for attendees. Additionally, live performances such as tea ceremonies and robot dances by youngsters from the China Soong Ching Ling Science & Culture Center for Young People captivated the audience and encouraged audience participation and interaction.

At the opening ceremony, the organizers expressed their hope that the art festival would help deepen the connections, interactions, and mutual understanding between the youth of China and Uzbekistan. By fostering artistic exchanges, they aim to strengthen the ties between the two peoples, building bridges of friendship and contributing to the growth of the all-weather comprehensive strategic partnership between China and Uzbekistan in the new era, as well as advancing the shared future of the two nations.

Samarkand's Deputy Governor, Khaitov Orif Bolikulovich, said that China and Uzbekistan are geographically close, culturally connected, and share a deep mutual affinity. For over 2,000 years, these two civilizations have shared a long history of cultural exchange along the Silk Road. He hopes that the youth of both nations will forge strong friendships and walk side by side, becoming the next generation of ambassadors, builders, and promoters of China-Uzbekistan relations.

In a video message, Chinese Ambassador to Uzbekistan Yu Jun noted that the young generations are living in a golden age of China-Uzbekistan relations. He expressed his sincere hope that this event will allow the youth of both nations to deepen their understanding of one another, becoming the future ambassadors, builders, and champions of China-Uzbekistan friendship, offering their talents and efforts to national revitalization and the development of bilateral ties.

Chinese airports have maintained the travel fever since the week-long National Day holidays kicked off, and the visa-free policy, along with frequent flights, continues to boost inbound and outbound travel.

Civil aviation passenger volumes have exceeded 2.2 million trips per day for three consecutive days since the holidays began on October 1, according to data from the Ministry of Transport.

Beijing Daxing International Airport is expected to handle 146,900 inbound and outbound passenger trips on Friday, with over 1 million trips anticipated throughout the holidays, according to airport data. 

The two airports in Shanghai are expected to transport nearly 370,000 passenger trips per day on average, an increase of 14.4 percent compared to the same period last year. 

The travel boom is not limited to first-tier cities. During the National Day holidays, the number of inbound and outbound passengers at Harbin Taiping International Airport is expected to reach 14,000, with the number of inbound and outbound passenger flights totaling 100, an increase of 41.9 percent and 1.1 percent year-on-year respectively.

Outbound air tickets and hotel bookings for the National Day holidays have spanned 1,597 cities in 144 countries and regions, data from the travel platform qunar.com showed. When examining the cities with the highest number of outbound air ticket orders, it's notable that all of them are within a 5-hour flight radius. The top five cities are Hong Kong, Bangkok, Kuala Lumpur, Seoul, and Osaka.

Hong Kong and Macao remain highly appealing. The Immigration Department of the Hong Kong Special Administrative Region estimates that about 10.03 million people will pass through Hong Kong's sea, land and air control points from September 28 to October 7.

Thanks to the 144-hour visa-free policy, inbound tourism has grown rapidly. Traditional domestic tourist cities such as Guangzhou, Xi'an, and Zhangjiajie have continuously added new international routes, attracting a large number of foreign tourists to China. 

The source of inbound tourists to Zhangjiajie, which bears a striking resemblance to the landscapes depicted in James Cameron's film Avatar, located in Central China's Hunan Province, has increased from 133 countries and regions in 2019 to 171 now.

Meanwhile, cruise travel is also playing a significant role in outbound travel. 

Da Wang, a Beijing-based tourist, chose a seven-day cruise tour to the cities of Japan. She told the Global Times on Friday that she was surprised to see at least 40 buses leaving the Fukuoka port in Japan when she disembarked at her first stop on Thursday. Each bus was full of 50 Chinese travelers, and there were many tour guides holding signs waiting for the Chinese tourists, Da said, noting that "it is quite spectacular." 

Experts believe that the booming inbound and outbound tourism reflects the strong pulse of the holiday economy. They assert that this trend will further drive economic development, and as people's demand for travel experiences continues to grow, the future holiday economy is likely to become more diversified and enriched.

Yan Xi (center), the author of Zaoshen Niandai, or The Age of God Creation, receives his award for Best Novel at the 35th Galaxy Awards in Chengdu, Southwest China's Sichuan Province, on September 28, 2024. The awards are China's most prestigious science-fiction literature awards. Photo: Courtesy of the 35th Galaxy Award

As dawn breaks over Hangji town in Yangzhou, Jiangsu Province, the first rays of sunlight spill onto the bustling streets, illuminating the rhythmic hum of toothbrush production lines. In a cozy Beijing hutong, a grandmother beams with delight as she unwraps her brand-new toothbrush, its bristles gleaming with promise. Thousands of miles away, guests at opulent hotels in Dubai indulge in lavish oral care routines, where even this simplest act becomes a luxurious ritual. While on the other side of the globe, in the icy expanse of Antarctica, scientists endure frigid winds, finding small comfort in their trusted toothbrushes amid the stark wilderness.

Lives that seem worlds apart are intricately connected by this small yet essential item produced in the small Chinese town of Hangji, known for its toothbrush manufacturing. Nearly one in every three toothbrushes in the world is produced here, Xinhua reported.

Hangji has become a global champion in toothbrush production, with local stories of hard work and prosperity passing down through generations. Residents here wield this small item as a tool that connects them to the world, mirroring the dedication of millions of workers over the last 75 years and embodying Chinese people's pursuit of a beautiful and healthy life.

The small town also serves as a testament to a dynamic and thriving China, where its people have marched forward in high spirits, embarking on a vibrant journey of pursuing a beautiful and flourishing life while connecting to the world.
Returning to hometown

When the Global Times reporter entered, Tu Xinye, 37-year-old manager of Shuguang Toothbrush Factory, was instructing his workers to clean the factory's marble sign. The brand, with "Shuguang" meaning "dawn," is part of a cherished legacy from his grandfather and father, symbolizing the resilience and innovative spirit of his family.

Established in 1976, it was the first toothbrush factory in the town, witnessing the evolution from manual labor to mechanization, and later, the digital transformation brought about by the internet.

Tu has been gaining the attention of netizens in 2020 when he invited his grandfather and father - former factory managers - to join him for live selling, while sharing the trials and triumphs of the family business. Viewers were captivated by the heartfelt stories of dedication and the pursuit of prosperity that have defined the Tu family's journey in the toothbrush industry.

Returning home to inherit the family business was not Tu's initial choice. He pursued a degree in aircraft engine design in the UK, driven by dreams of aviation. However, the relentless efforts of his family to innovate and sustain the toothbrush factory ignited his sense of responsibility. Having observed his father tirelessly seeking market opportunities to provide jobs for local residents, he began to realize that the toothbrush industry was not just a business. It was a lifeline for his hometown.

In 2013, Tu decided to return to China and take over the family business. He dropped out of a PhD application, and started from the ground up, working as a factory worker to understand the intricacies of production. Over the last decade, he made efforts with all employees to double the factory's output and expanded its reach to over 40 countries worldwide.

Three generations face different challenges in different historical contexts. Tu's grandfather, the first factory manager, faced the challenges of the 1970s' planned economy in China when production was fine, but sales were not. In the early 1980s, as the planned economy began to dissolve and privatization took hold, Tu's father encountered a sudden drop in orders while navigating market complexities. During his childhood, Tu often found himself in the factory, waking up to his parents discussing machine upgrades and strategies to tap into overseas markets, despite a lack of English. However, their commitments to exploration opened doors to international markets and set the factory on a successful path.

In recent years, Tu has embraced e-commerce as a new frontier for growth. In October 2019, a leading Chinese e-commerce platform approached his factory to collaborate on a budget-friendly electric toothbrush. The factory invested in research and development, ultimately launching an electric toothbrush costing only 9.9 yuan ($1.4) that sold over 30,000 units in just one day. This success highlighted a growing demand for quality dental care products, even in rural areas, he told the Global Times.

"Was it worth investing hundreds of thousands into a workshop environment that consumers could not see? My parents questioned me. But I wanted foreign visitors to see that our production standards were on par with the best in the world," he explained.
Tech drives greener future

In a small town covering just 40 square kilometers and home to fewer than 40,000 residents, an astonishing economic phenomenon is unfolding, marked by impressive figures.

What's behind it is an engine powered by technology and environmental sustainability.

In recent years, the toothbrush industry in Hangji has undergone a significant transformation, moving toward standardization and scalability. This shift has inspired a growing number of local youths to learn the craft.

Dong Tao, a recent university graduate from Yangzhou, exemplifies this trend. After leaving a large corporate job, he joined Sanfeng Brush Factory, where he started his day at 7:30 am, preparing materials and warming up machines on the production line. Dong finds fulfillment in his role, utilizing his engineering skills and applying his knowledge of WIFI modules and Bluetooth technology to develop new products. He noted that many young graduates are eager to return to their hometowns, leveraging national policies and local technological advancements to carve out new career paths.

The factory Dong works for has made attempts at innovation in a recent decade, supplying its toothbrushes to Xuelong 2, a Chinese icebreaking research vessel.

Li Yang, the factory's manager, introduced that they tried different ways to develop a toothbrush with bristles measuring just 0.1 millimeters in diameter, designed to prevent gum bleeding in extremely cold conditions. The brush handle is made from polylactic acid, which can biodegrade in as little as three months, minimizing the ecological impact of research activities in polar regions.

Driven by technological innovation, toothbrush manufacturers in Yangzhou are increasingly introducing smart toothbrush products. Tan Yuanshuai, the head of Fengyun Intelligent, a subsidiary of Sanfeng Brush Factory, showcased an AI-interactive toothbrush for children that utilizes a smart processor for real-time calculations and feedback, reminding kids to brush missed areas.

"The popularity of this toothbrush reflects the growing consciousness and emphasis of Chinese people on healthy and environmental friendly lifestyle," Tan said.

Similarly, Zhang Degang, the second-generation owner of Yangzhou Minsheng Brush Factory, highlights how the pursuit of quality and sustainability is reshaping their industry. Over the last decade, he has transformed production facilities to meet international standards, striving for a cleanroom environment akin to those used in chip manufacturing.

Zhang said that in the past, they primarily focused on contract manufacturing, but now Chinese brands are becoming increasingly innovative and popular in the world. Zhang's factory also incorporates Chinese cultural elements such as the Grand Canal and Wenchang Pavilion, into the design of the toothbrush handle, attracting overseas customers who have interest in Chinese culture.

The synergy of technology and sustainability is revitalizing local economies and inspiring a new generation of young people to pursue careers in their hometowns.
Better life through hardworking

In 2011, the China Toothbrush Museum, the only special industrial culture museum in the world named after a toothbrush, was established in Hangji. This museum houses over a thousand toothbrush specimens that span more than a thousand years.

The story of Hangji reflects a typical narrative of how Chinese people have created a better life through hard work over the last 75 years. Countless small towns in China, which have achieved remarkable success through their advantageous industries, owe their progress to a group of pioneering individuals who are able to endure hardships.

In China, 70 percent of China's violins come from Huangqiao township in Jiangsu; 80 percent of freshwater pearls are sourced from Shanxiahu township in Zhejiang Province; and 70 percent of industrial brushes are produced in Yuantan, Anhui Province. These industries have become new engines for China's economy.

In a report on the achievements of economic and social development over the last 75 years, released by the National Bureau of Statistics on September 20, it was highlighted that under the strong leadership of the Communist Party of China, living standards and quality of life have seen historic improvements. As residents' incomes continue to grow, consumption levels have risen, with notable enhancements in quality and ongoing optimization of consumption structures.

Each artisan contributing to these progress writes their glory and dreams into the new journey of national rejuvenation. Today, the vibrant presence of hardworking individuals from various sectors is evident, showcasing a lively and colorful tapestry of life. These ordinary individuals, through their relentless efforts, are striving to increase their incomes and enhance their quality of life.

Tu has inherited the legacy of his family's toothbrush factory, "Dawn," along with a pursuit of excellence. His spirit of perseverance, adventurous drive, and practical determination resonate with countless young people striving to find their own "dawn" in the new global landscape.

For the global business community, including US companies, no one wants to "decouple" from China, as cooperation remains the mainstream, and mutual benefit is the goal, Wang Linjie, spokesperson from China Council for the Promotion of International Trade (CCPIT) told a press conference on Sunday.

Wang's remarks were in response to recent restrictive measures taken by the US against China, including raising the Section 301 tariffs on certain Chinese goods and strengthening export restrictions on technologies such as quantum computing and semiconductor manufacturing.

Wang said that the US has continuously outstretched the concept of national security, violating the principles of the market economy by politicizing and weaponizing economic, trade, and technological issues.

The WTO has already ruled that the US Section 301 tariffs violate WTO rules. The US tariff measures are typical examples of unilateralism and protectionism. These actions have disrupted the stability and smooth functioning of global supply chains, including those in the semiconductor and other technology manufacturing industries, and have seriously harmed the legitimate rights and interests of relevant countries and enterprises, Wang noted.

During the recent third meeting of the APEC Business Advisory Council for 2024, representatives from the Chinese and the US business communities emphasized the importance of keeping supply chains open, cooperative, and non-discriminatory, while ensuring supply chain policies comply with WTO rules and avoid distorting trade and investment, according to Wang.

Recently, the US-China Business Council released a survey on China's 2024 business environment, with participation from 140 member companies. 77 percent of the surveyed companies have been operating in China for over 20 years, with 40 percent reporting revenues exceeding $1 billion in China in 2023.

The survey revealed that American companies in China have stabilized their revenues over the past year, with 80 percent of respondents achieving profitability. These companies plan to reinvest profits generated in China this year, indicating a continued commitment to the Chinese market. The general consensus among the surveyed US businesses is that the Chinese market is a crucial component of their global strategy, according to Wang.

"This reflects that for the global business community, including American companies, no one wants to 'decouple' from China, as cooperation remains the mainstream, and mutual benefit is the goal," Wang noted.