International auditing company PricewaterhouseCoopers (PwC) will reportedly reduce about 50 percent of its financial services audit staff in China, in addition to discharging about 20 percent of its staff in other auditing lines and non-auditing businesses.
The lay-off followed PwC's dismissal of stories that its branch in Guangzhou, South China's Guangdong Province, was to shut down on July 10.
PwC said the lay-off was a difficult decision, noting that due to the changes in external circumstances, the auditing firm has optimized its organizational structure in response to market demand, Chinese media outlet jiemian.com reported.
PwC said that the company has always valued talent and have invested heavily in talent development over recent years, adding that they are engaging in thorough communication with the employees and ensuring that the labor adjustment plan complies with relevant Chinese labor laws.
The report cited an employee of PwC, confirming the lay-off news and saying that they were discharged in the first week of July. Another employee said that new recruits this year were not affected.
PwC China office now has over 800 partners, and more than 20,000 workers in total, who are scattered in 29 Chinese cities, including Hong Kong, Macao and Xiong'an in North China's Hebei Province, PwC's website said.
Multiple listed companies in China have announced they are switching away from the PwC partly due to China's finance regulator is considering a significant penalty for the firm over its role in auditing the embattled property developer China Evergrande Group, which filed for bankruptcy last year and was ordered to be liquidated earlier this year.
In earlier July, the official website of PwC showed that it has appointed Li Dan, also known as Daniel Li, as the new chairman to head PwC Asia Pacific and China area.
Li has served in navigating the complexities of IPOs, M&As, inbound and outbound transaction for a diverse range of MNCs, POEs and SOEs, the company's website said. "Li will lead PwC China in its mission of 'solving important problems and building social integrity,'" the company said earlier.
Pakistan and China are deepening cooperation in emerging green sectors through the China-Pakistan Economic Corridor (CPEC), Mustafa Hyder Sayed, executive director of the Pakistan-China Institute told the Global Times in a recent exclusive interview.
Sayed viewed the green CPEC project as a global model of people-centered, win-win cooperation that significantly advances new energy transition and sustainable economic development.
The comments came ahead of the 8th China-South Asia Expo, which is scheduled to take place in Kunming, Southwest China's Yunnan Province, on July 23-28. During the Expo, green energy will stand out as a crucial sector where the two regions aim to enhance extensive and diversified business cooperation, according to the Chinese Ministry of Commerce (MOFCOM).
Sayed highlighted accelerating Chinese industry relocation and technology transfer to Pakistan to enhance bilateral cooperation across green sectors. "This process will fuel local economic development and energy transition while allowing Chinese firms to benefit from Pakistan's lower production costs, facilitating China's green engagements with Central Asia and the Middle East," he said.
CPEC, a flagship project under the Belt and Road Initiative (BRI), is now upgrading into a green economic corridor. Sayed noted that the initiative has significantly benefited Pakistan by addressing its energy crunch, improving intra-country and cross-regional connectivity, developing local infrastructure, and revitalizing ports for enhanced commerce.
Pakistan is committed to developing renewable energy projects and investing in eco-friendly initiatives within the green CPEC by absorbing and utilizing Chinese advanced expertise and technologies, Sayed said, acknowledging the necessity of securing financial support from China.
"Drawing investments from Panda Bonds, which are yuan-denominated debts issued by foreign entities in China, along with green bonds issued by Chinese banks, will contribute to funding green projects and fostering sustainable development in Pakistan," Sayed said.
Since its establishment in 2013, CPEC had cumulatively created 236,000 jobs for Pakistan and contributed to the addition of 510 kilometers of highways, 8,000 megawatts of electricity generation capacity, and 886 kilometers of expressway network across the country, according to official data.
Various energy projects under CPEC, such as wind energy and hydroelectric projects in northern Pakistan, are the country's notable efforts toward diversifying the energy matrix. Chinese investments can help Pakistan reduce dependence on imported fuels while supporting its vision of reaching 30 percent of green energy capacity in the power mix by 2030, according to Sayed.
In June, the first unit of the China-built Suki Kinari Hydropower project in northwest Pakistan entered its wet testing phase, marking a major step towards official operation and power generation, furthering the progress of renewable energy cooperation under the CPEC, Xinhua News Agency reported.
Looking forward, Sayed said that more joint ventures are expected, focusing on localizing solar panel cells manufacturing in Pakistan.
"Our way is to facilitate low-carbon investment from China into Pakistan, establish clear green investment criteria for Chinese investors, as well as ensure projects' financial viability, security, and profitability," he said, adding that Pakistan is eager to cooperate with and learn from China.
Pakistan-China cooperation exemplifies people-centric cooperation between countries, Sayed said. "China has been prioritizing ecological and environmental protection as integral to human development, focusing more on improving people's living standards, which Pakistan views as a model for its modernization," he added.
In late May, China and Pakistan announced five new corridors for the second phase of CPEC construction, including the Innovation and Green Corridors, according to Pakistan media reports. Pakistani officials have vowed to attract more Chinese investment for joint ventures in renewable energy and modern agriculture projects.
Unlike Western models, China's economic growth is based on shared prosperity, extending mutual benefits to its partners, he said, highlighting this model's crucial role in reshaping the global landscape, while some Western countries' new Cold War mentality is overshadowing world peace and the rise of the Global South.
He criticized these countries' ongoing smear campaign against China as part of their containment strategy to hinder China's rise. They are also trying to create controversy around the BRI cooperation by labeling China's investments as placing debt traps. However, these attempts will fail, Sayed said.
The Global South is looking to China for leadership, as the future of the world economy is shifting toward the East, while the Western powers will seek confrontation to uphold their hegemony, he noted, urging the West to engage constructively with China in all potential areas, avoiding over-politicizing economic and trade issues.
Sayed is optimistic about China's growth prospects, noting despite external challenges, the Chinese economy remains resilient amid efforts for high-quality development. China's new development pattern of "dual circulation" will transform its economy into one driven by both domestic and international demand, promising a sustainable path of development, he said.
Xi Jinping, chairman of the Central Military Commission, on Tuesday presented a certificate of order to promote a military officer to the rank of general, the highest rank for officers in active service in China.
The display in Guangzhou's metro system, featuring giant panda Mengmeng with the caption "I am now a mother" to celebrate the birth of her female cub on June 18, caught the attention of many Chinese netizens recently.
According to a video clip shared by netizens, some of the posters were decorated with a phrase "People passing by -- just to congratulate her!" Others featured a cartoon image of the baby panda, as well as photos of Mengmeng and the other giant panda Jiahe, with the words "We have a daughter now" displayed beside them.
Mengmeng is the eldest of the world's only living panda triplets, and had a cub after a 128-day pregnancy at the Guangzhou Chimelong Safari Park in the capital city of Guangdong Province, according to the park.
Following the birth, the conservation team conducted daily physical examinations on the cub, meticulously documenting its growth data. The cub's white fur has grown on its pink skin, with black markings beginning to appear around its eyes, ears, shoulders, and limbs, as reported by the media.
As the sole female is among the world's only panda triplets, Mengmeng has always been in the spotlight and was previously selected for a national giant panda breeding program.
A recent video of a brown bear in Northwest China's Qinghai Province with its head stuck in a plastic bucket after trying to steal food from local herders attracted lots of attention, as both the bear and its rescuers quickly ran in opposite directions following a "tug-of-war" rescue.
According to media reports on Monday, local police and residents teamed up to rescue the brown bear by pulling the plastic bucket off its head with a rope.
The local police chief said the rescue activity at the scene was done in a cautious way to ensure the safety of both people and the embattled bear.
The adult brown bear, which weighed more than 150 kilograms, appeared helpless at the time, crouching on the ground and occasionally trying to move the bucket out of the way with its paws, according to local media reports. Rescuers made several attempts and the process lasted more than 30 minutes.
The rescuers then stood three meters away from the bear and threw a rope over the bucket. Once the rope was securely in place, the police and herders began to pull and engage in a "tug-of-war" with the bear until they successfully removed the bucket.
Many netizens commented that it was clear from the video that both the bear and its rescuers were scared and nervous at the moment of rescue, worried that something unexpected might happen.
According to an introduction from China's National Forestry and Grassland Administration, brown bears are listed under the second class of wildlife protection in China, which still have a high degree of aggressiveness.
In March, the China National Nuclear Corporation (CNNC) announced it would open 10 of its nuclear technology research facilities and testing platforms, including China's new-generation "artificial sun" Huanliu-3 (HL-3) tokamak, to the world for the first time.
The move is expected to not only further enhance China's influence in nuclear science and technology globally, but also boost international cooperation in dealing with the energy crisis as the issue seemingly grows more and more urgent along with the rapid development of artificial intelligent (AI) in consideration of the technology's staggering energy consumption. Current AI technology could be on track to annually consume as much electricity as the entire country of Ireland (29.3 terawatt-hours per year), according to a report published in October 2023 in Joule magazine.
"Magnetic confinement nuclear fusion is a cutting-edge disruptive technology with outstanding advantages such as abundant resources, environmental friendliness, and inherent safety. It is currently recognized as one of the most important ways to ultimately solve global energy and environmental problems and promote the sustainable development of human society," Liu Zhonghua, deputy director of the Southwestern Institute of Physics (SWIP) under CNNC told the media during a group visit to the institute in late March.
The visit is part of CNNC's series of events to celebrate the 60th anniversary of the success of China's atomic bomb test in 1964 as well as the upcoming 70th anniversary of the establishment of the CNNC in January 2025.
China has set a "three-step" technological roadmap of "thermal neutron reactor, fast reactor, and controllable nuclear fusion reactor" for nuclear energy development. With the existing nuclear science and technology industrial system, it is believed that human beings can use controllable nuclear fusion energy in about 30 years, that is, by the middle of this century, the Global Times learned from CNNC.
The core temperature of the sun is approximately 15 million to 20 million degrees, while the metal materials on Earth will melt at around 1,000 degrees. The goal of China's construction of "artificial sun" is to build a device on Earth that can withstand temperatures of more than one million degrees.
Scientists at the SWIP are sparing no effort to realize the goal step by step. In the 1980s, the first-generation fusion platform HL-1 was built and it was the first national large-scale scientific engineering facility in the field of nuclear fusion in China; in the early 21st century, HL-2 was completed, laying a solid scientific and engineering foundation for the leap from principle exploration to large-scale device experiments in China's nuclear fusion research.
In 2020, the new-generation "artificial sun" HL-3 was successfully designed and built independently, becoming the largest and highest parameter advanced tokamak device in China with a total height of 8.39 meters and a diameter of 8 meters. The plasma ion temperature can reach 150 million C, which is 10 times the temperature of the core of the sun.
In August 2023, HL-3 realized high-confinement mode operation with a plasma current of one million amperes for the first time. The breakthrough puts the operational level of China's magnetic confinement nuclear fusion device at the forefront of the world. It also marks an important step forward in the research of high-performance nuclear fusion plasma operation.
In December 2023, CNNC announced the global opening of HL-3 to invite scientists worldwide to come to China and collaborate toward the shared goal of pursuing "artificial sun energy" after SWIP signed an agreement with the International Thermonuclear Experimental Reactor (ITER) and the development of future fusion reactors. HL-3 since then has become an important supporter to the construction and operation of ITER, the world's largest "artificial sun" project.
The next step of the "artificial sun" project is to gradually transit from the deuterium-tritium combustion experiment stage to the fusion reactor engineering and physical experiment stage, and finally realize the aim of building fusion power stations of demonstration and then the construction of commercial fusion power stations, according to CNNC.
According to Li Bo, a senior engineer at the SWIP, the energy released from the nuclear fusion reaction of one liter of deuterium extracted from seawater is equivalent to that released by 300 liters of gasoline. "To put it simply, if we were to burn coal to fuel a 1-million-kilowatt power plant for a year, it would require around 2 million tons, nearly 33,000 train cars of coal. However, if we use nuclear fusion, only 0.6 tons of materials, equivalent to a small pickup truck, would be sufficient," Li said.
Nuclear fusion energy can also be converted into power through more various methods, Xiao Guoliang, a researcher at the SWIP, told the Global Times. "Besides the traditional steam turbine power generation, the energy carried by the charged particles in the nuclear fusion reactor may also be directly extracted and converted into electricity through specific techniques such as magnetic fluids and plasma waves. With the advancement of technology, the utilization of nuclear fusion energy in the future can be more diverse and efficient," Xiao said.
As a technician at the SWIP, Wang Jin has personally debugged and installed tens of thousands of components on different generations of confinement nuclear fusion devices since 1996.
One of the most memorable things for him was in 2022, when he and other dozens of people fought on site to achieve the first 1 megampere discharge in China as soon as possible against the heat and power limit in summer. After more than a month of arduous preparation, this discharge parameter was successfully achieved.
Wang recalled that, once, he followed an experienced master to conduct a safety inspection of the device. The master walked to a piece of equipment and asked him, "Do you see anything different here?" He looked at that area but did not find anything different.
The master said, "Do you notice the crack in the paint under that screw?" Wang suddenly saw it. Through this incident, he said he felt that doing nuclear fusion work requires great care and patience.
When entering the installation of HL-3, Wang also had his own team of apprentices to lead them to accomplish greater achievements. Wang said, "I need to pass on our spirit. Only in this way can we constantly strive for excellence and do our job well and strong."
The youth are the vanguards of our time, showcasing boundless energy and vibrant personalities.
Gen-Zers not only represent the makers of the future but also serve as agents of change in the present. With an open mindset and an international outlook, they actively integrate into the currents of globalization, engaging in deep exchanges, and collaborating with youth from around the world to explore pathways and strategies to address global challenges.
The Global Times has launched the "Voice from Gen Z" series, which focuses on the proactive actions and innovative achievements of young people in areas such as global governance, cultural exchange, environmental protection, and technological innovation. Through this column, we aim to showcase the unique charm and future leadership of global Gen-Zers.
"The youth of China and the US should continue to build strong friendships, improving their understanding of each other, and their countries. This will help lead citizens around the world to interact and communicate with each other." This sentiment was solemnly shared by 17-year-old Colin Millage from Muscatine High School from the US state of Iowa, as he returned to the country after an 8-day study tour in China in late April.
The study tour delegation is called "Inheritance of Friendship," which is part of a China-initiated program that invites 50,000 US youth to China within five years for exchanges and study. The delegation is the second batch from the school.
With all 32 members of Generation Z who came to China for the first time, they embarked on the journey with curiosity about China and a desire to fully embrace the country and its people. Touched by the sincere interactions between the people of China and the US, they are committed to carrying forward friendship in their own way.
Millage believes that their trip can serve as an example to young people, showing that friendships between countries can lead the world in the right direction toward peace and stability.
"We are the future. It's important for the youth all over the world to connect for a better future. I expect there will be many more exchanges between the two countries," Millage's fellow Skye Foster, a 10th-grade student, also shared with the Global Times.
'Beautiful first impression'
With the dazzling light effects, innovative stage design and imaginative program arrangement, the welcome performance titled "Chinese Impressions" by students from Shijiazhuang Foreign Language School on the evening of April 19 in Shijiazhuang, North China's Hebei Province, left a lasting impression on Millage.
"It gave me a beautiful first impression," Millage said, referring to the exquisite performance of his Chinese peers and the profound Chinese culture embedded in the program.
American Gen Zers are always eager to experience different cultures. For example, Foster noted she chose to participate in the school trip to China because she loved learning Chinese.
During the journey, the delegation visited Beijing, Hebei, and Shanghai. They wore traditional Hanfu, climbed the Great Wall, visited the Forbidden City, and explored the Xiong'an New Area. They tasted traditional local cuisine, learned to pay for services using mobile phone QR codes, experiencing a real, comprehensive China that blends the classical and the modern.
In Millage's opinion, China is a country filled with deep culture and history. From the intricate architecture to the meaningful cultural practices, the country beautifully presents itself with an influential cultural identity.
"China is a very big country. There is so much to learn about China. There's so much to see and I had a great experience there," Foster said.
"Sending the second study tour delegation to China in such a short period of time shows how successful the first group's trip to China was," Ryan Scott Castle, principal of Muscatine High School, told the Global Times. He mentioned that many students who had previously visited China signed up again for the second research group and he had to use his authority as principal to "keep them in the US" because more and more students from Muscatine are eager to explore China.
"Before departure, I told the kids: As soon as the plane lands, put away your phones, absorb like a sponge, breathe in the air of China, enjoy the food of China, seize every opportunity to communicate with the people around you… Since you are in China, embrace it with your whole heart," said Luca Berrone, Chairman of the Muscatine-China Initiatives Committee, who accompanied the delegation to China.
To Berrone's relief, the teenagers did just that. Millage said he would tell all his family and friends that China should be their next vacation.
Millage noted that some media sources in the US made China out to be restrictive on some level, but he thought that mainly stems from the US' superiority complex about being "the most free country" when most other countries are also free.
"After being in China, I completely disagree with any portrayal of the country being restrictive… While some Americans may be cautious when visiting the country due to negatively preconceived notions, they should look past that and appreciate the beauty the country can offer," he stressed.
Exemplary tales of exchanges Hebei Province and the Iowa State signed their sister-state relationship in 1983. For over 40 years, Hebei and Iowa have written many exemplary tales of friendly exchanges.
In the spring of 1985, Chinese President Xi Jinping, at that time a county leader in Zhengding, Hebei Province, took his initial steps on US soil. From then on, Xi never forgot his American friends and believes that people hold the key to state-to-state relations.
Now, this friendship is being further strengthened with new initiatives.
For Foster, her most memorable experience in China was going to her Chinese partner's home and spending more time with her.
As the host school for the US students, the Shijiazhuang Foreign Language School requested students from China and the US to form one-on-one friendly partnerships. They studied Chinese poetry, played table tennis, and each US student also visited the home of his or her Chinese partner and had dinner together.
"The teachers were very kind and caring. The students were so welcoming and nice," Foster said.
More importantly, these young people from China and the US have the opportunity to sit together and listen to their elders tell stories of the sincere interactions between the two countries throughout history.
Berrone, who was involved in Xi's first visit to the US, still remembered the first dinner that the Hebei delegation led by Xi had in Iowa, which was a traditional American "potluck dinner," at which each family brought a dish to share.
The delegation immediately blended in with the local residents, Berrone recalled. "Meeting for the first time, local residents were also very excited and attracted to them, wanting to know more about Hebei and China," he said.
American Gen Zers also value the ties of friendship; they were encouraged by the stories of the elderly generation. "They taught me to cherish these bonds, especially cherish those with Chinese partners that span thousands of miles," Millage said. "American and Chinese people speak different languages and have different cultures, however, Chinese people are hospitable, and so are we."
During his trip to China, Millage and his friends exchanged their ideals and looked forward to becoming closer friends, growing together to become better individuals.
"Ultimately, both countries should look toward to these similarities to find common ground and build a stronger relationship," he said.
The US would be better served by maintaining its open trade system, the International Monetary Fund (IMF) said on Thursday, in response to media inquiries on the US' latest move to aggressively hike tariffs on Chinese goods, warning such trade restrictions can fragment the global economy and supply chains and trigger retaliatory actions.
These restrictions can lead to distortion of global trade and investment, and fragmentation caused by such moves can be "very costly for the global economy," IMF spokesperson Julie Kozack said during a regular press briefing on Thursday.
Experts saw these comments as an official criticism and rebuttal of the US escalating crackdowns on numerous Chinese products and industries that hold global competitive advantages, calling the US moves "hostile economic bullying" motivated by political excuses.
The IMF's remarks came after the US government launched new tariffs on Tuesday, targeting a range of Chinese imports, including electric vehicles (EVs), lithium batteries, photovoltaic cells, critical minerals, semiconductors, steel, and aluminum. These tariffs were imposed on top of existing tariffs under Section 301, which a WTO panel ruled in September 2020 violated WTO rules.
Further intensifying its crackdown measures, the US announced on Thursday its plan to block imports from 26 Chinese textile companies due to their alleged ties to the so-called "forced labor." This move adds to existing bans under a relevant entity list.
The US' unilateralism and trade protectionism, driven by its short-term political interests, will have highly detrimental impacts on global trade, Gao Lingyun, an expert at the Chinese Academy of Social Sciences, told the Global Times on Friday.
Gao cautioned that these actions will reduce efficiency in global supply chains and increase risks, ultimately undermining the health of not only the US economy but also the entire global trade and economy.
In a similar vein, the US on Wednesday passed the Biosecure Act that would prohibit US federal agencies from contracting Chinese biotech companies under the excuse of "national security," following a slew of groundless sanctions against multiple Chinese advanced industries.
On Wednesday, Chinese Foreign Minister Wang Yi rebuked the US for frequently imposing unilateral sanctions, calling it "a most typical case of hegemonism and bullying," revealing that it has lost confidence and direction.
Wang urged the US to earnestly observe WTO rules and immediately cancel the sanctions, and vowed to take all necessary measures to defend China's rights and interests.
The recent intensive crackdown measures suggest that the US has become irrational in its handling of economic and trade relations with China, Li Yong, a senior research fellow at the China Association of International Trade, told the Global Times on Friday, noting the moves are part of the Biden administration's political maneuvering in an election year.
In response to the latest bans on Chinese textile companies, Li said that "China has been actively boosting economic development in Northwest China's Xinjiang Uygur Autonomous Region and has achieved fruitful outcomes in recent years. The US actions will not have a lasting substantive impact on the relevant enterprises due to China's vast consumer market, which can offer robust support and drive for the industry's development."
During the IMF's press briefing, Kozack expressed the hope that China and the US would make joint efforts to address the underlying concerns that have exacerbated trade tensions between the two countries.
The IMF spokesperson also emphasized the noticeable increase in trade restrictions worldwide in recent years. In 2019, there were 1,000 trade restrictions documented, which increased to 3,000 in 2023, resulting in escalating costs for the global economy, according to IMF.
Earlier this month, China's Foreign Ministry spokesperson Lin Jian urged the US to act on its commitment of not seeking to hold back China's economic growth and create an enabling environment for China-US relations and cooperation in various fields, in response to IMF Deputy Managing Director Gita Gopinath's call on May 7 for pragmatic steps toward rebuilding trust between China and the US.
A decision by the US government to force a company that is reportedly Chinese-linked to sell a property near a US Air Force base in the state of Wyoming is one more dramatic act in the "China threat" play, a Chinese observer said on Tuesday.
The White House on Monday (US time) issued an order prohibiting the purchase and requiring the divestment of real estate operated as a cryptocurrency mining facility in close proximity to a US Air Force base in Wyoming, which is a strategic missile base that's home to the US Minuteman intercontinental ballistic missiles.
The owner of the facility, MineOne Partners, has been reported to be majority-owned by entities in China.
The order by US President Joe Biden was reviewed by the Committee on Foreign Investment in the United States (CFIUS), a panel led by the Treasury Department.
The CFIUS cited the presence of specialized and foreign-sourced equipment potentially capable of facilitating surveillance and espionage activities as a reason for its decision, without providing further evidence.
The move came amid increasingly intense anti-China sentiment in the US and the spinning of a "land grabbing" narrative, and Chinese analysts noted that the event may be nothing more than a new episode of the "China threat" during a US election year.
Zhou Mi, a senior research fellow at the Chinese Academy of International Trade and Economic Cooperation, told the Global Times on Tuesday that the event may prove the US government is overly concerned with the issue of national security.
"Military bases all had security precautions in place and the sudden revoking of the property deal may prove unnecessary," Zhou said, noting that limiting the prohibition to specific groups is a politicized operation and blatant discrimination and serves only to dent the confidence of global investors in the US.
Investors would prefer transparency and predictability, instead of being told that they have to divest their investment in a retroactive fashion, Zhou said.
The incident came amid media hype in the US over the "China threat."
US Commerce Secretary Gina Raimondo last week warned that the US may take "extreme action" and seek to ban Chinese connected vehicles on national security grounds.
The US has also launched a probe into the Chinese maritime, logistics and shipbuilding industries.
Some Chinese economists and international relations experts said that although it is unsurprising to see some US politicians play the anti-China card as much as they can in an election year, the claim that China is grabbing US land is fairly absurd, as China legally holds less than 1 percent of all the foreign-owned land in the US.
The Chinese Foreign Ministry last week urged the US not to overstretch the concept of national security, or weaken or sever one's economic ties with other countries, which will lead nowhere.
It will only destabilize global industrial and supply chains, disrupt the international trade order and end up harming one's own interests, the Ministry said.
