Chinese President Xi Jinping on Monday delivered an important speech at Session I of the 19th G20 Summit under the title "Building a Just World of Common Development."

Following is the English version of the full text of the speech:

Building a Just World of Common Development

Remarks by H.E. Xi Jinping

President of the People's Republic of China

On Fight Against Hunger and Poverty

At Session I of the 19th G20 Summit

Rio de Janeiro, November 18, 2024

Your Excellency President Luiz Inacio Lula da Silva,

Colleagues,

It gives me great pleasure to attend the G20 Summit in Rio de Janeiro. I thank President Lula and the Brazilian government for the warm hospitality extended to the Chinese delegation.

Today, transformation of a scale not seen in a century is accelerating across the world. Humanity faces unprecedented opportunities and challenges. As leaders of major countries, we should not let our vision be blocked by fleeting clouds. Rather, we must see the world as one community with a shared future, and shoulder our responsibility for history, take historical initiative and move history forward.

I pointed out at this forum that prosperity and stability would not be possible in a world where the rich become richer while the poor are made poorer, and countries should make global development more inclusive, beneficial to all, and more resilient. At the Hangzhou Summit, China placed development at the center of the G20's macroeconomic policy coordination for the first time, and the Summit adopted the G20 Action Plan on the 2030 Agenda for Sustainable Development and the G20 Initiative on Supporting Industrialization in Africa and Least Developed Countries. The Rio Summit this year has chosen the theme "Building a Just World and a Sustainable Planet." It places fighting hunger and poverty at the top of the agenda, and decides to establish a Global Alliance Against Hunger and Poverty. From Hangzhou to Rio, we have been working for one and the same goal, that is, to build a just world of common development.

To build such a world, we need to channel more resources to such fields as trade, investment and development cooperation, and strengthen development institutions. There should be more bridges of cooperation, and less "small yard, high fences," so that more and more developing countries will be better off and achieve modernization.

To build such a world, we need to support developing countries in adopting sustainable production and lifestyle, properly responding to challenges like climate change, biodiversity loss and environmental pollution, enhancing ecological conservation, and achieving harmony between man and nature.

To build such a world, we need an open, inclusive and non-discriminatory environment for international economic cooperation. We should promote a universally beneficial and inclusive economic globalization, energize sustainable development with new technologies, new industries and new business forms, and support developing countries in better integrating in digital, smart and green development to bridge the North-South gap.

To build such a world, we need to stay committed to multilateralism. We should uphold the UN-centered international system, the international order underpinned by international law, and the basic norms of international relations based on the purposes and principles of the UN Charter.

Colleagues,

China's development is an important part of the common development of the world. We have lifted 800 million people out of poverty, and met the poverty reduction target of the UN's 2030 Agenda for Sustainable Development ahead of schedule.

This achievement did not just fall into our laps. It is the fruit of the strenuous, unified efforts of the Chinese government and people. Everything China does, it always places the people front and center, and it solemnly declares that "not a single poor region or person should be left behind." To tackle poverty, we make targeted policies tailored to each village, each household and each person; we facilitate growth by vigorously channeling talent, funds and technologies to underdeveloped regions; we help localities generate growth by fostering industries with distinctive features and upgrading infrastructure, all in light of their own conditions; and we promote common prosperity by pairing up well-off regions with less developed ones. I have worked from village to county, city, provincial and central levels. Poverty alleviation has always been a priority and a major task I am determined to deliver.

China's story is proof that developing countries can eliminate poverty, and that a weaker bird can start early and fly high, when there is the endurance, perseverance, and striving spirit that enables water drops to penetrate rocks over time and turns blueprints into reality. If China can make it, other developing countries can make it too. This is what China's battle against poverty says to the world.

Colleagues,

China will always be a member of the Global South, a reliable long-term partner of fellow developing countries, and a doer and go-getter working for the cause of global development. A single flower does not make spring. China wants to see a hundred flowers in full blossom and will go hand in hand with fellow developing countries toward modernization. Today, I wish to outline China's eight actions for global development.

First, pursuing high-quality Belt and Road cooperation. On top of RMB700 billion yuan added financing windows and an additional RMB80 billion yuan injection into the Silk Road Fund, China is moving ahead with the development of the multidimensional Belt and Road connectivity network, one that is led by the building of a green Silk Road and will empower a digital Silk Road.

Second, implementing the Global Development Initiative. On the basis of over 1,100 development projects already in operation, we will make sure the Global South research center that is being built is fit for purpose, and the 20 billion U.S. dollars of development funds will continue to be put to good use to support developing countries and deepen practical cooperation in areas such as poverty reduction, food security and the digital economy.

Third, supporting development in Africa. At the Summit of the Forum on China-Africa Cooperation held in September this year, I unveiled ten partnership actions on joining hands with Africa to advance modernization over the next three years and, in this connection, a commitment of RMB360 billion yuan in financial support.

Fourth, supporting international cooperation on poverty reduction and food security. China has decided to join the Global Alliance Against Hunger and Poverty. We support the G20 in continuing to convene the Development Ministerial Meeting, and will stay a committed host of the International Conference on Food Loss and Waste.

Fifth, China, alongside Brazil, South Africa and the African Union, is proposing an Initiative on International Cooperation in Open Science to help the Global South gain better access to global advances in science, technology and innovation.

Sixth, supporting the G20 in carrying out practical cooperation for the benefit of the Global South and using such outcomes as the Roadmap to Increase Investment in Clean Energy in Developing Countries and the High-Level Principles on Bioeconomy to good effect. China supports the work of the Entrepreneurship Research Center on G20 Economies based in Beijing, and supports cooperation on digital education and the digitization of museums and ancient archives.

Seventh, implementing the G20 Anti-Corruption Action Plan. We are strengthening cooperation with fellow developing countries in fugitive repatriation and asset recovery, denial of safe haven, and anti-corruption capacity building.

Eighth, China is pursuing high-standard opening up, and unilaterally opening our doors wider to the least developed countries (LDCs). We have announced the decision to give all LDCs having diplomatic relations with China zero-tariff treatment for 100 percent tariff lines. From now to 2030, China's imports from other developing countries are likely to top 8 trillion dollars.

Colleagues,

The Chinese often say, "A journey of a thousand miles begins with the first step." China is ready to take steps together with all parties to build a just world of common development, leave poverty in the past, and turn our vision into reality.

Chinese President Xi Jinping has met with a number of leaders on the sidelines of the 19th G20 Leaders' Summit held in Rio de Janeiro, Brazil, underscoring the world's recognition of China's role as a powerful and stabilizing force amid global geopolitical uncertainties as well as China's significant contribution to promoting development globally. 

In meeting with German Chancellor Olaf Scholz on Tuesday on the sidelines of the G20 Leaders' Summit, Xi said as the second and third largest economies in the world, China and Germany are both major countries with significant influence. The two countries need to view and develop bilateral relations from a long-term and strategic perspective.

China regards Germany as an important partner in advancing Chinese modernization, and will continue to provide broad market opportunities for German companies. 

Xi also said China and Germany share highly integrated economic interests, and bilateral cooperation is an opportunity for shared development and common future. 

The EU's tariffs on Chinese electric vehicles are drawing attention around the world, and China always insists on resolving differences through dialogue and consultation. It is hoped that Germany will continue to play an important role in this regard, Xi said.

On Tuesday, Xi also met with French President Emmanuel Macron on the sidelines of the G20 Leaders' Summit. Xi said China-France relations are of unique strategic significance and global influence as both are independent, mature and responsible major countries. 

China is willing to work with France to make greater contribution to the sound development of China-Europe relations and world peace and stability, Xi said.

While meeting with British Prime Minister Keir Starmer on Monday, Xi said China and Britain should adopt a rational and objective perspective on each other's development.  

The two countries should enhance strategic communication and deepen political mutual trust to ensure a steady, substantial, and enduring development of bilateral relations, he said.

In meeting with Australian Prime Minister Anthony Albanese on Monday, Xi said there is no fundamental conflict of interests between China and Australia.

As long as the two sides adhere to mutual respect, treat each other as equals, and seek common ground while shelving differences, China-Australia relations will surely develop well, Xi said. 

Noting that both China and Australia are supporters and defenders of economic globalization and free trade, he urged the two sides to promote the sharing of opportunities and benefits among various countries via opening up, so as to realize common development.

In meeting with Mexican President Claudia Sheinbaum Pardo on Monday, Xi said that China and Mexico should continue to enhance exchanges, renew friendship, make good use of the highly complementary nature of the two economies, constantly advance practical cooperation and push for all-round development of bilateral relations in the new era.

Xi once again congratulated Sheinbaum on becoming the first female president in the history of Mexico, and recalled his visit to Mexico in 2013, which he said had left a deep and unforgettable impression.

Highlighting the two countries' time-honored traditional friendship, Xi said China and Mexico share similar views and ideas on many international issues, and both countries advocate a universally beneficial and inclusive economic globalization.

Force of stability

The world is currently grappling with a profound sense of uncertainty, prompting major world leaders to adopt a dynamic approach to diplomacy. The meetings between the Chinese leader and several leaders from other countries underscore the world's perception of China as a powerful and stabilizing force in the face of global geopolitical uncertainties, Zhu Jiejin, a professor of global governance studies at Fudan University, told the Global Times. 

The series of meetings also shows that China is primarily seeking to maintain stability amid the ever-changing international landscape; moreover, China's main contribution on the current international stage is promoting development, which is also why China's international influence is expanding, said Zhu. 

In his speech at Session I of the 19th G20 Summit on Fight Against Hunger and Poverty on Monday, Xi said from Hangzhou to Rio, we have been working for one and the same goal, that is, to build a just world of common development. 

To build such a world, we need to channel more resources to such fields as trade, investment and development cooperation, and strengthen development institutions. There should be more bridges of cooperation, and less "small yard, high fences," so that more and more developing countries will be better off and achieve modernization, the Chinese president said.

To build such a world, we need to support developing countries in adopting sustainable production and lifestyle, properly responding to challenges like climate change, biodiversity loss and environmental pollution, enhancing ecological conservation, and achieving harmony between man and nature, Xi said. 

Zhu said that under the backdrop of rising protectionism, China has been actively advocating win-win cooperation and expanding its international "circle of friends" through active participation in international cooperation. 

China's presence in Latin America has made an increasingly important impact, particularly in trade, investment, and infrastructure. Today, China is an essential partner for the region, a major importer of agricultural and mineral commodities, and a key source of financing and technology. This relationship offers alternatives that once depended primarily on the US and Europe, Ronnie Lins, a Brazilian economist and director of the China-Brazil Center for Research and Business, told the Global Times when talking about the impact China's presence has had on the economies and societies of Latin American countries.

Within the Global South, the China-Latin America partnership represents a model of autonomous and reciprocal development, contrasting with traditional dependence on Western powers. This partnership encourages other Global South countries to pursue mutually beneficial horizontal relationships, supporting a new multipolar order, said Lins. 

The remarks by Rear Admiral Thomas Buchanan reflect the outdated thinking of the US in its pursuit of global hegemony and absolute strategic advantage, the Chinese FM spokesperson Lin Jian said on Thursday, in response to Buchanan, spokesperson for the US Department of Defense's Strategic Command, who said that the US would allow an exchange of nuclear strike only on the condition that it retains some of its arsenal to further deter potential adversaries.

Buchanan said it at the Center for Strategic and International Studies, commenting on the possible use of nuclear weapons, according to media reports. The reports quoted Buchanan as saying that the US would not want to find itself in an environment that would lead to such a situation. According to Buchanan, he considers the most acceptable conditions in which the US "continues to lead the world", which means maintaining a stockpile of strategic weapons.

Chinese FM spokesperson Lin Jian said that in recent years, the US has continuously upgraded its nuclear triad, expanded the role of nuclear weapons in its national security policy, reinforced nuclear-sharing and "extended deterrence" arrangements with its allies, and promoting forward deployment of medium-range missiles and anti-missile systems. These actions have destabilized the global strategic balance, intensified military competition and confrontation, and heightened nuclear risks, Lin noted.

Lin also stressed that the US should earnestly fulfill its special and priority responsibility for nuclear disarmament, further substantially reduce nuclear arsenals, to create conditions for attaining the ultimate goal of complete and thorough nuclear disarmament and make efforts to reduce strategic risks and maintain regional peace and stability.

A woman pregnant with nine babies in East China's Jiangxi Province decided to reduce seven embryos and keep two for her safety and the well-being of the two remaining babies.

A 25-year-old woman surnamed Hou had struggled to conceive for medical reasons, but conceived in October after receiving ovulation-boosting treatment.

The initial examination showed that Hou was pregnant with triplets. However, a follow-up examination revealed nine embryos tightly clustered in her uterine cavity, all with detectable heartbeats.

Hou's husband said in a video clip that, considering his wife's limited physical capacity, the doctor recommended reducing the number of embryos. In addition, he said they also considered the children's future growth and financial factors, so they decided to have surgeries to remove seven fetuses.

Hou may require multiple surgeries due to the high number of embryos and associated risks, a challenge for the doctors as well, Hou's husband noted.

According to Hou, the reduction procedures will be conducted in two phases. Four embryos will be removed for the first time, and the second procedure, reducing three embryos, will be performed pending favorable follow-up test results.

Chinese President Xi Jinping’s visit to Peru is extremely important, not just for the inauguration of the Chancay Port, which is a great opportunity not only for Peru but also for the entire Latin America region, Juan José Santiváñez, interior minister of Peru, told the Global Times on Thursday local time, expressing appreciation for the trip.

Xi arrived in Lima, capital of Peru, on Thursday for a state visit to Peru and the 31st APEC Economic Leaders' Meeting, the Xinhua News Agency reported.

“The visit of the President of China is extremely important, not only for the inauguration of the new Chancay Port, which turns out to be a great opportunity for Peru, but also for all of Latin America. We appreciate the visit,” Santiváñez told the Global Times, while holding a copy of the Thursday edition of the Peruvian newspaper El Peruano, which featured a signed article by the Chinese president.

Santiváñez further said that the visit will strengthen the ties between China and Peru and expressed great expectations for its outcomes.

“The expectation we have regarding China is extremely high. Today we have the virtual inauguration of the Port of Chancay, which definitively places Peru as one of the main players in Latin America, becoming the most important hub, and will definitely contribute greatly to the economy of Peru,” the Peruvian interior minister said.

Xi said in the signed article that during his visit, he and President Dina Boluarte will attend the inauguration ceremony of Chancay Port via video.

“This is not only an important project under Belt and Road cooperation, but also the first smart port in South America. The first phase of the project, when completed, will reduce the sea shipping time from Peru to China to 23 days, thus cutting logistics costs by at least 20 percent. It is expected to generate $4.5 billion in yearly revenues for Peru and create over 8,000 direct jobs,” read the article.

The signed article garnered great attention at the Lima Convention Center, the main venue for the APEC meeting which was filled with reporters from various countries and regions on Thursday. While the Peruvian Interior Minister carried the newspaper during media interviews, others were eager to present it.

“This is our newspaper from today, Thursday, 14th in November. We have today a message, a very important message, of the President of China, Mr. Xi Jinping, who arrives today in Peru,” César Chaman, editor general of Agencia Andina, told the Global Times on Thursday.
Both Agencia Andina and El Peruano are official media outlets in Peru. With a palpable sense of excitement, Chaman held up the front page of the newspaper to fully display it before the camera, while speaking to the Global Times.

“This is a very important material to read and to understand the kind of relationship between Peru and China,” Chaman said, adding that he hopes that the bilateral relationship will expand into more areas such as environmental protection, energy and social development, in addition to investments in infrastructure.

Sandra Gonzales, head of the Marketing and Sales Department of Editora Peru, whose outlets include Agencia Andina and El Peruano, also keenly introduced the newspaper and shared the Chinese president’s signed article.

After showing the front page, she flipped to the full page article inside the newspaper, while speaking to the Global Times.

“El Peruano is an official newspaper in Peru and in this edition, I can present this important article. This article is from the Chinese president,” Gonzales said. “It’s important to mention that Peru and China have good relationships.”

Chinese President Xi Jinping on Friday called on China and South Korea to promote a sound and steady development of the strategic cooperative partnership between the two countries.

Xi made the remarks in his meeting with South Korean President Yoon Suk-yeol on the sidelines of the 31st APEC Economic Leaders' Meeting.

Since their last meeting two years ago in Bali, Indonesia, the international and regional situations have undergone many changes, Xi noted, adding that bilateral ties have maintained a momentum of development on the whole.

No matter how the situation changes, China and South Korea should stick to the original intention in establishing diplomatic ties, firmly adhere to the direction of good-neighborliness and friendship, and remain committed to the goal of mutual benefit and win-win cooperation, Xi said.

Xi also called on the two sides to give full play to the advantages of geographical proximity, cultural affinity and economic integration to strengthen exchanges and deepen cooperation, and promote a sound and steady development of the strategic cooperative partnership between the two countries, so as to better benefit the two peoples and make greater contribution to regional peace, stability, development and prosperity.

He stressed that China and South Korea should strengthen high-level exchanges, enhance mutual understanding and trust, and strive for mutual achievements and common development.

China is committed to expanding high-level opening-up and welcomes more investment by South Korean enterprises in China, said Xi, urging both sides to jointly safeguard the international free trade system and the stability and smooth flow of global and regional industrial and supply chains.

China and South Korea should also engage in more activities that promote friendship and encourage exchanges between the media, academia, local communities, and especially the youth, he noted.

More South Korean citizens are welcome to visit China, and it is hoped that the South Korean side will introduce more measures to facilitate Chinese citizens' travels to South Korea, said Xi.

China supports South Korea in taking over the role of APEC host next year and is ready to expand multilateral coordination and cooperation with South Korea, he added.
For his part, Yoon said that exchanges and cooperation across various fields between the two sides have developed in an orderly manner since his meeting with Xi two years ago, highlighting China's role as an important engine for global economic growth and a major contributor to addressing the challenges faced by the world.

He noted that South Korea regards China as an important partner and hopes to promote the continuous development of the strategic cooperative partnership between the two countries, based on mutual respect and the original intention of establishing diplomatic ties, in order to better address shared challenges and contribute to regional peace and stability.

Yoon said South Korea's policy of respecting the one-China principle remains unchanged, and hopes to participate in China's modernization process and further strengthen economic and trade cooperation between the two countries.

He welcomed China granting visa-free entry to South Korean citizens, adding he is willing to work closely with China to promote closer cultural and people-to-people exchanges and enhance the friendship between the two peoples.

Yoon said South Korea is willing to enhance communication and cooperation with China within multilateral mechanisms such as APEC to jointly uphold multilateralism and free trade.

Asia-Pacific cooperation is confronted with challenges such as rising tendencies of geopolitics, unilateralism and protectionism, Chinese President Xi Jinping said on Saturday at the 31st APEC Economic Leaders' Meeting in Lima, Peru, while proposing building an open and interconnected paradigm for Asia-Pacific cooperation.

In a speech at the APEC Economic Leaders' Meeting, Xi called for tearing down the walls impeding the flow of trade, investment, technology and services, and proposed upholding a universally beneficial and inclusive vision for Asia-Pacific development. The Chinese president also announced that China will host the APEC Economic Leaders' Meeting in 2026.

In his speech, Xi further called for making green innovation a catalyst for the Asia-Pacific, adding that China is developing new quality productive forces in light of actual conditions and deepening cooperation with interested parties on green innovation.

China's further development will provide new opportunities for the Asia-Pacific region and the world at large, said Xi, adding that China welcomes all parties to continue riding the "express train" of its development and grow together with the Chinese economy.

Promoting cooperation

In Lima, local officials and reporters hailed the Chinese president's trip as productive and pivotal in advancing inclusive, sustainable development across the Asia Pacific and globally, and making great contributions to regional and global cooperation.

"During his speech, he pointed out the need for inclusive and sustainable development. Those remarks conveyed China's vision of collaboration, in my view," Cinthia Velarde, political editor of Agencia Andina, an official news agency in Peru, told the Global Times on Saturday. "I think it is key, because China, with its rich cultural heritage, has much to offer and has proven to be at the forefront of cooperation with developing countries, such as Peru."

China's efforts to promote inclusive and sustainable development through fostering cooperation in the Asia Pacific and globally have also drawn praises from officials of the APEC Peru 2024.

"As APEC chair 2024, we are happy to host not only a very important delegation from China here in Peru, but also we are glad to have heard the message delivered this morning, the message of President Xi," Julia Torreblanca, chair of APEC Business Advisory Council (ABAC) 2024, told reporters, referring to a written speech made by Xi at the APEC CEO Summit on Friday.

In the speech, Xi called for efforts to steer economic globalization in the right direction, jointly promoting a universally beneficial and inclusive economic globalization to the benefit of various countries and communities.

Torreblanca said that the speech lays a foundation for enhanced collaboration, which aligns with ABAC and APEC's core principles, and bolsters commercial ties throughout the Asia-Pacific.

Also highlighting China's pivotal role at APEC and its contributions to regional and global cooperation is China's announcement of hosting the APEC Economic Leaders' Meeting in 2026. The announcement has raised expectations for China to advance economic and trade collaboration further.

APEC is an important economic cooperation mechanism in the Asia-Pacific. To advance Asia-Pacific cooperation, China took the initiative to shoulder the responsibility by offering to host APEC in 2026, which is welcomed by APEC members and received their endorsement at this year's APEC Economic Leaders' Meeting, said a Chinese Foreign Ministry spokesperson on Sunday.

China attaches great importance to Asia-Pacific cooperation and hosted APEC twice in 2001 and 2014. In 2026, China will host APEC for the third time. China stands ready to enhance communication and cooperation with other parties on hosting APEC in 2026 to jointly implement the Putrajaya Vision 2040, advance the building of an Asia-Pacific community and the Free Trade Area of the Asia-Pacific, deliver more results through practical cooperation and inject fresh impetus into the economic growth of the Asia-Pacific and beyond, the spokesperson said.

"It will be, for me, an excellent opportunity to visit China in 2026," Fernando Carvallo, a host at Peruvian ration station RPP Noticias, told the Global Times on Saturday.

Carvallo said that the region should prioritize cooperation over geopolitical tension and rivalry. "Let's hope that in two years, we will be talking less about war, and less about competition, and much more about cooperation, in about trade," he said.

Velarde also noted that China's hosting of the APEC meeting in 2026 will highlight its commitment to openness and fostering cooperation.

"I believe that it is a central point and it is a significant opportunity for China to present itself to the 21 economies and to the world as a country with open doors, a country that says yes to cooperation - cooperation and social aid that developing countries, like Peru, need so much," Velarde said.

Xi also held a series of bilateral meetings on Friday local time in Peru, on the sidelines of the 31st APEC Economic Leaders' Meeting hosted in the capital Lima.

On Friday, Xi met with Thai Prime Minister Paetongtarn Shinawatra, Singaporean Prime Minister Lawrence Wong, South Korean President Yoon Suk-yeol, Chilean President Gabriel Boric, New Zealand's Prime Minister Christopher Luxon and Japanese Prime Minister Shigeru Ishiba, respectively. On Saturday, Xi met with US President Joe Biden.

Fruitful trip

In Lima, China-Peru bilateral talks also garnered significant attention over Xi's state visit to Peru, during which Xi held talks with Peruvian President Dina Boluarte.

During talks with Boluarte, Xi said that China is ready to work with Peru to build a new land-sea corridor between China and Latin America with Chancay Port as a starting point.

The corridor, which will connect the Inca Trail with the 21st Century Maritime Silk Road, will open up a road of common prosperity and happiness for Peru and other Latin American and Caribbean countries.

The two heads of state also witnessed the signing of a Belt and Road cooperation plan and the protocol on upgrading the bilateral free trade agreement, and exchanged several bilateral cooperation documents spanning economy, trade, industrial investment, education, and green development.

In a significant event during Xi's visit, the two sides inaugurated the Chancay Port, a landmark Belt and Road Initiative project highlighting China-Peru collaboration.

In Peru, the Chancay Port has been celebrated as a pivotal development set to deepen economic and trade ties between China and Peru, while also further enhance the long-standing, deep bonds between the two peoples.

"Watching the extraordinary inauguration of the Chancay Port was deeply moving for everyone, even though it was a virtual ceremony," Julio Perez Alvan, president of Peruvian Association of Exporters, told the Global Times on Friday.

The expanding partnership between China and Peru, exemplified by the Chancay Port, holds immense significance for the broader Latin American region, Peruvian officials and experts said.

The Chinese president's visit to Peru is highly significant, especially for the inauguration of the Chancay Port, a pivotal development for both Peru and the wider Latin American region, Juan José Santiváñez, interior minister of Peru, told the Global Times.

After Lima, Xi will attend the 19th G20 Summit in Rio de Janeiro and pay a state visit to Brazil from November 17 to 21 at the invitation of President of the Federative Republic of Brazil Luiz Inácio Lula da Silva.

How to view China's current economic landscape?

Data from the first three quarters has garnered much public attention. Some see only the challenges. On a quarterly basis, the year-over-year growth rates of 5.3 percent, 4.7 percent, and 4.6 percent indicate a downward trend. In the third quarter particularly, key economic indicators slowed in July and August, sparking doubts about economic growth prospects and achieving annual targets.

However, more people are recognizing both the difficulties and the favorable conditions and factors. In the first three quarters, China's economy grew by 4.8 percent year-over-year, placing it among the world's leading major economies. Although some economies have posted relatively high growth rates, their economic volume and incremental growth are not comparable to China's. More importantly, China has achieved a reasonable growth rate while enhancing economic structure, shifting momentum, and improving in quality. From a global perspective, China's economy still shows that "the landscape here is beyond compare."

The challenges and problems that have emerged in China for a while can be summarized in four main parts:

First, the external environment has become more complex and severe. Global economic instability has increased, political uncertainty has grown, trade protectionism is rising, and some countries are intensifying containment efforts against China, adding pressure on the stabilizing of foreign trade and investment.

Second, domestic demand remains weak. Consumer spending power and willingness are not strong, investment stabilization is challenging, and the vitality of private investment needs further stimulation.

Third, some enterprises are experiencing operational difficulties, facing challenges such as sluggish sales, declining profitability, and weakened market expectations.

Fourth, there are multiple risks and concerns in some sectors. It is challenging for some local governments to reduce or eliminate their debt through various means; some local governments face financial problem; some enterprises begin to educe salaries and lay off jobs; young groups like college graduates are facing employment pressure; and the growth of urban income is slowing down.

It is essential to both face these challenges and remain confident. The difficulties Chinese people face today are issues in development and the pains of transition, which can be fully overcome through efforts.

Since the beginning of this year, the Communist Party of China (CPC) Central Committee with Comrade Xi Jinping at its core has taken a comprehensive view and responded steadily. In particular, the Party Central Committee has made scientific decisions and taken prompt action to address new situations and problems in economic performance, implementing a package of incremental policies as a coordinated "combo," focused on promoting economic stability, structural improvements. All these contributed to a favorable development momentum.

Results are beginning to show. Since September, positive changes have been increasingly evident in areas such as industry, consumption, investment, and stock and real estate markets. Market confidence is strengthening, social expectations are improving, and growth in various economic indicators is being restored.

Overall, China has withstood downward pressure, overcome challenges, maintained stable economic performance, optimized structural adjustments, and achieved continued improvement in people's livelihoods. Signs of economic transition from finding the bottom to stability, then to recovery are becoming clearer.

With continued effectiveness of existing policies, accelerated implementation of increment policies, and the combined effects of policy synergies, favorable factors and conditions will increase constantly. China's economy is likely to show a positive upward trend in the fourth quarter, making the meeting of the annual economic growth target highly probable.

Recently, the International Monetary Fund predicted that global economic growth will rely more heavily on BRICS nations. Bloomberg also noted that China is expected to be the largest contributor to global growth over the next five years.

"To reach the summit, one must not shy away from hard work." At this moment, Chinese people need to take a comprehensive, objective, and calm view of the economic landscape, see the big picture, grasp the trend, focus on priorities, act proactively, effectively address issues and challenges, and make every effort to boost the country's economy.

On correct path

In responding to new situations, it is essential to adhere to a specific analysis of specific issues.

When faced with normal fluctuations, it is important to maintain a calm mindset. Regarding growth rates, although there have been fluctuations in economic growth over the last three quarters, the variations have been minor, remaining close to the expected target of "around five percent."

In terms of incremental growth, while the year-on-year growth rate saw a decline, the total economic output in the third quarter was still 1.2934 trillion yuan ($1780 billion), higher than the same period in 2023.

Promoting structural adjustment requires a greater sense of initiative. In the first three quarters of this year, the proportion of the service sector in GDP increased by 0.3 percentage points compared to the same period in 2023, contributing 53.9 percent to economic growth. Investment in high-tech industries grew by 10 percent year-on-year, outpacing the overall investment growth rate by 6.6 percentage points, and has maintained double-digit growth for seven consecutive months. This provides strong support for the accelerated formation of new quality productive forces and the rapid transformation and upgrading of the economic structure.
Addressing the pains of transformation requires more confidence. In the first three quarters, the growth rate of investment in the purchase of equipment and tools exceeded overall investment by 13 percentage points, while investment in manufacturing upgrades increased by 9.5 percent. The production and export of integrated circuits grew by 26 percent and 22 percent year-on-year, respectively, and the production and export of new energy vehicles rose by 31.7 percent and 12.5 percent year-on-year. These figures strongly demonstrate the accelerated transition from old to new growth drivers, reinforcing Chinese people's resolve.

To have a comprehensive view, one must consider both sides; and by examining both sides, one gains a holistic perspective.

The favorable conditions for China's economic development - such as a solid foundation, strong resilience, and significant potential - remain unchanged. The country continues to benefit from a vast market, a complete industrial system, robust supporting capabilities, and ample growth opportunities.

At the same time, China's economy is at a critical juncture of structural adjustment and transformation. This involves a shift in development methods, optimization of industrial structure, transformation of development quality, and conversion of growth drivers. The cyclical and structural contradictions are intertwined, making it impossible to avoid or circumvent the pains of transformation.

In such times, it is even more essential to maintain resolute determination and confidence to face challenges head-on and gain new achievements. An unwavering and relentless pursuit of a path of high-quality development is imperative. Falling back into the old habits of seeking extensive growth and low-efficiency development must be avoided.

Fundamentally, breaking the "bottlenecks" that constrain the development of China's economy hinges on technological innovation.

The key to Chinese modernization lies in technological modernization, and achieving high-quality development relies on technological innovation to cultivate new driving forces.

The recently released "Global Innovation Index 2024" indicates that China is one of the fastest-growing economies in terms of innovation capability over the last decade, with innovative development demonstrating strong momentum and broad prospects.　

It is also important to recognize that, China's technological development is currently at a critical stage where it is strong but not yet strong enough, and without progress, there will be regression. Some key core technologies are still reliant on external sources, and there is a shortage of top-tier scientific and technological talent.

The transition from a technological power to a country strong in science and technology will inevitably encounter various obstacles and challenges. Technological innovation cannot be achieved overnight. Cultivating a strong driving force for development requires a sustained and dedicated effort over time.

President Xi emphasized that "the country must further enhance its sense of urgency and intensify its efforts in sci-tech innovation, so as to secure a leading position in sci-tech competition and future development." He encouraged scientists and researchers to seize every opportunity in life, and unleash their innovative potential.

The resolution adopted at the Third Plenary Session of the 20th CPC Central Committee in July proposed to "support all-around innovation," and various measures for integrated reform of institutions and mechanisms pertaining to education, science and technology, and talent, are being implemented with urgency. In 2023, China's total R&D expenditure exceeded 3.3 trillion yuan for the first time, ranking second in the world.

There should neither be a rush nor a delay in tackling the critical core technology challenges. It is essential to maintain strategic focus and persistently pursue our goals. Given time, it is expected that the "bottleneck" issues will be overcome, allowing for a firm grasp of the initiative in development.

"Yet if the path is correct, one will eventually reach his destination."

To bright future

The more severe the challenges, the more Chinese people must muster our strength and tackle them head-on. Once the right course of action is identified, the act should be taken decisively.

Macroeconomic policies for counter-cyclical adjustments were strengthened, placing greater emphasis on expanding domestic demand and increasing policies that benefit people's livelihoods and promote consumption. Support for enterprises, and the introduction of strong and effective measures stabilized the real estate market and boosted the capital market. This comprehensive set of incremental policies is problem-oriented and highly targeted.
The implementation of major national strategies and security capacity building in key areas, as well as large-scale equipment upgrades and trade-in of consumer goods are being accelerated, with a 10-trillion-yuan plan to China's debt relief resources, together help alleviate burdens and enhance momentum for local development. The entire trillion yuan worth of ultra-long-term special government bonds were allocated to projects and localities. A comprehensive service platform for the development of the private economy was established, along with a coordination mechanism to support financing for small and micro enterprises. This package of incremental policies not only focuses on addressing prominent contradictions and issues at present, but also looks toward the long-term healthy and sustainable development of China's economy, with a greater emphasis on logical coherence.

Strengthening the overall coordination and systematic integration of macro policies such as fiscal taxation, monetary finance, investment consumption, and income distribution and making good use of the consistency evaluation work mechanism to coordinate policy connections and work connections for this year and 2025… A raft of incremental policies adhere to systematic measures, combining both short-term and long-term approaches, fully reflecting systemic characteristics.

Accelerating the formulation of guidelines for the construction of a unified national market, releasing a new version of the negative list for foreign investment access, and revising and expanding the catalog of industries encouraged for foreign investment… A series of reform measures are being rapidly introduced and are expected to play a leading role.

In September, industry, services, consumption, and expectation indicators improved. The added value of industrial enterprises above designated size increased by 5.4 percent year-on-year, accelerating by 0.9 percentage points compared to the previous month; the Index of Services Production grew by 5.1 percent, accelerating by 0.5 percentage points compared to the previous month.

In October, the purchasing managers' index (PMI) was 50.1 percent, marking a month-on-month increase for two consecutive months and returning to the expansion zone for the first time in five months. The Non-Manufacturing Business Activity Index was 50.2 percent, with a month-on-month increase of 0.2 percentage points.

In October, the real estate market became more active, with several indicators showing positive growth after a prolonged period of year-on-year decline. In first-tier cities, the transaction volume of newly built commercial housing and second-hand housing increased by 14.1 percent and 47.3 percent year-on-year, respectively. Many other cities also saw varying degrees of growth in the transaction volume of commercial housing. For the first time since 2007, the transaction volume in "Silver October" exceeded that of "Golden September."

A package of incremental policy measures to boost confidence and promote growth has shown continuous effects, with the financial market responding rapidly and positively in both the stock and bond markets.　　

Under the impact of a package of incremental policies, market activity has quickly rebounded, business operating expectations have improved rapidly, domestic demand potential has been effectively stimulated, and the growth rates of the industrial and service sectors have accelerated.

A package of incremental policy measures to boost confidence and promote growth has shown continuous effects, with the financial market responding rapidly and positively in both the stock and bond markets.

China's economy is currently navigating challenges, and during this critical period, it is essential to maintain stability. We should avoid being a "mad bull" and instead aim to be a "slow bull." By further enhancing the specificity and effectiveness of policy measures, China's economy can surely progress steadily and sustainably.

"Follow the path, but strive diligently halfway through."

With action at the forefront, united we stand.

China's economy has always developed by overcoming challenges, grown up in the baptism of wind and rain, and become stronger in the face of tests.

In a critical period and a pivotal year, it is essential to unite efforts, uplift spirits, and muster determination. Moving forward undeterred by wind and rain, no difficulty can hinder the progress of the Chinese people.

"We have the confidence and determination that China's development has a bright future."

China's Wing Loong-X drone, showcasing its full anti-submarine capabilities for the first time, is on exhibit at the ongoing Airshow China 2024 in Zhuhai, South China's Guangdong Province. The drone has begun routine test flights, the Global Times learned from the aircraft's developer.

Built with fully independent intellectual property, the Wing Loong-X drone is a medium-altitude long-endurance unmanned aerial system with long range, heavy payload capacity, and the ability to perform multiple tasks, said the state-owned Aviation Industry Corporation of China (AVIC).

The Wing Loong-X incorporates the latest advancements in drone technology and inherits the Wing Loong drone series' mature technologies and combat experiences, and stands at the forefront of medium-altitude, long-endurance drones, according to AVIC.

At the Airshow China 2024, the Wing Loong-X is displayed with its full suite of anti-submarine capabilities, equipped with various payloads such as sonar buoy pods, torpedoes, air-to-air missiles, and anti-ship missiles, the Global Times noted at the event.

Chief designer Tang Yong told the Global Times at the airshow that the Wing Loong-X's advanced anti-submarine capabilities can provide key support to maritime security, as the drone can conduct missions such as reconnaissance and surveillance covering large maritime areas, comprehensive search and attack on submarines, long-range patrols and anti-submarine operations, and regular blockade and control in key areas.

The drone is designed for integration into combat systems to conduct collaborative missions with armed reconnaissance capabilities that not only cover land, but also air, surface, and underwater domains, Tang said.

In addition to anti-submarine missions, the drone can also perform other missions such as all-domain reconnaissance and strike, cross-domain support, and operations in contested environments, and emergency rescue operations, according to Tang.

Alongside the Wing Loong-X, a new addition to the Wing Loong series, is also on display at the Airshow China 2024.

The Wing Loong-6 is a multirole medium-altitude long-endurance drone developed to meet emerging global combat requirements, AVIC said. It features high cost-efficiency and ease of maintenance.

The Wing Loong-6 has also begun routine test flights, according to its developer.

The Tianzhou-7 cargo craft, tasked with carrying supplies for China's space station, separated from the station combination at 4:30 p.m. Sunday (Beijing Time) and switched to independent flight, according to the China Manned Space Agency (CMSA).

The cargo craft will re-enter the Earth's atmosphere in a controlled manner soon. Most of its components will burn up and be destroyed during the process, while a small amount of debris will fall into designated safe waters in the South Pacific, the CMSA said.

The CMSA has planned a total of two cargo supply missions in 2024, including Tianzhou-7 and Tianzhou-8.

Tianzhou-7 was launched on Jan. 17 from the Wenchang Spacecraft Launch Site in the southern island province of Hainan. Tianzhou-8 has been rescheduled for mid-November due to the impact of Super Typhoon Yagi on Wenchang.