There are high complementarities between the EU and China since both sides are impacted by climate change and both have clear targets to pursue in the green transition, Vicky Pollard, head of the Unit in the European Commission's Directorate General for Climate Action, told the Global Times in an exclusive interview on Thursday.

Chinese experts said that the remarks set a rare and positive tone from the EU side in seeking more cooperation with China against the backdrop of the intensified probe targeting Chinese new-energy products.

They also said that in order to facilitate their green transition, the EU needs to put more words into action by looking at cooperation rather than competition with China in the field.

The EU and China have much more to cooperate on in the green economy, said Pollard, noting that it also makes economic sense for the EU and China to cooperate for the green transition.

The remarks were made after a meeting on EU 2040 Climate Target, a seminar co-hosted by the EU Delegation to China and the Institute of Climate Change and Sustainable Development of Tsinghua University in Beijing on Thursday.

During the meeting, Pollard gave a thorough presentation on EU's 2040 climate target and Chinese experts and industry representatives exchanged their views on how to pursue green transition and how China and the EU can cooperate in achieving their respective targets for carbon reduction.

Talking about the cooperation that have been made between China and the EU in green transition, Pollard told the Global Times that there are many things both EU and China have discussed and have been working on, including emission trading.

"We also share experiences and seek cooperation on our respective domestic frameworks to ensure deployment of innovative solutions to ensure we meet our commitment to tackle climate change, and we make sure that those commitments are achieved in the most cost-effective ways," Pollard said.

While climate change is a global problem, Pollard said that "by acting together, we can do so at a lower cost and faster provided there is a level playing field. It's also about more dialogue and learning from each other to develop good policies."

The deployment of renewables such as wind power and solar power in the EU and in China is a good example of good policies and the benefits of deployment at scale, said the EU official.

"The EU cannot undergo the green transition alone, nor can China. It's important that we work together within a rule-based system, including for trade, and maintain balance," Pollard further noted.

Laurent Bardon, head of the Green Transition Section at the Delegation of the European Union to China, told the Global Times that from Thursday's meeting, it's evident that participants from both sides engaged in an open discussion, striving to find optimal solutions for enhancing cooperation between China and the EU in the green transition.

"It's good more interactions like this take place in the future," Bardon said.

The China-EU economic and trade ties have encountered rising concerns after the EU issued on March 6 the Official Journal of the European Union regarding its commission's implementation regulation that makes imports of new battery electric vehicles designed for the transport of persons originating in China subject to registration.

The mandate may have some impact on EV exports to Europe, as it may possibly be followed by punitive tariffs, as experts and media reports had said.

Responding to the media question regarding customs registration, He Yadong, a spokesperson of China's Ministry of Commerce, said that the EU's import registration measures and possible retroactive taxation have increased the number of import links and added burdens to normal trade.

It is not conducive to deepening cooperation in the new-energy industries of both parties and will also affect the interests of EU consumers, He noted.

Although the EU claims to seek cooperation with China in green transformation, in reality, there is still significant suppression, Lin Boqiang, director of the China Center for Energy Economics Research at Xiamen University, told the Global Times on Thursday. He noted that the EU's move targeting corresponding Chinese products is mainly due to geopolitical factors and a desire not to overly rely on China's industrial chain.

"Green transformation mainly involves cost-effective control and the application and popularization of green technology, and China, with its mature industrial chain, has a good advantage in this regard that the EU cannot imitate in the short term," Lin said.

However, if the EU side truly wishes to facilitate green transformation cost-effectively, it should refrain from suppressing relevant Chinese enterprises and products, Lin remarked.

Green transformation is a common goal for China and the EU. The EU needs China's affordable green products, while China needs the EU's large market, which is a win-win situation for both sides, Lin said.

China's centrally administered state-owned enterprises (SOEs) plan to invest in 133 projects in Northwest China's Xinjiang Uygur Autonomous Region from 2024 to 2026, with a total investment of nearly 700 billion yuan ($97.55 billion), China Media Group reported on Tuesday.

With a focus on emerging industries in Xinjiang, the investments will be dedicated to new technologies, new tracks and new markets, striving to create a forward-looking and strategic "incubator," and cultivating new quality productive forces, the report said, citing an unnamed official of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC).

The projects are expected to create 32,000 new jobs for the residents of Xinjiang during the three-year period, the official said at a meeting held in Beijing on Monday.

In 2023, central SOEs invested 270 billion yuan in fixed assets in Xinjiang and secured contracts worth 170 billion yuan for project construction, SASAC Chairman Zhang Yuzhuo said at the meeting.

These efforts are part of a broader strategy to boost local employment through industrial support, Zhang noted.

Ma Xingrui, Xinjiang's regional Party chief, said at the meeting that the SASAC as well as various central enterprises have been deeply engaged in industrial support in Xinjiang over the years, making significant contributions to the region's economic and social development.

In the meantime, Xinjiang offers a broad stage for central enterprises to demonstrate their capabilities and develop themselves, Ma said, noting that it is hoped that more central SOEs will deepen strategic cooperation with Xinjiang, with a focus on the development of the region's distinctive advantageous industries such as the "eight major industrial clusters."

This includes actively participating in oil and gas exploration, strategic energy storage and increased production, and strengthening the value chain of the grain, cotton, fruit and livestock industries, Ma said.

Central enterprises' efforts to support Xinjiang's development have yielded remarkable results in recent years. According to the Xinhua News Agency, the scale of investment from central enterprises in Xinjiang is expected to increase by more than 50 percent during the 14th Five-Year Plan period (2021-25), compared with the 767 billion yuan invested during the 13th Five-Year Plan period.

As one of the latest examples, China National Aviation Holding Co signed a strategic cooperation agreement with the Xinjiang Airport Group recently, aiming to develop Urumqi Diwopu International Airport into a national gateway hub connecting Central Asia, West Asia and Europe with Southeast Asia and Northeast Asia, local media reported on Tuesday.

In 2023, total fixed-asset investment in the region (excluding rural households) increased by 12.4 percent year-on-year, with a growth rate 9.4 percentage points higher than the national average. Investment in the primary industry increased by 9 percent, while that in the secondary industry increased by 32.3 percent, data from the local government showed.

During an inspection tour in Xinjiang in November 2023, Chinese Vice Premier Zhang Guoqing called on central SOEs to make further efforts to assist the region and help it to better serve and integrate into the country's new development paradigm.

"Central enterprises should combine their own advantages with the reality of Xinjiang, and help Xinjiang develop characteristic and advantageous industries and emerging industries," Zhang said.

China has discovered its first deep-water, deep-reservoir oil find in the South China Sea, state-owned oil giant CNOOC announced on Friday.

The Kaipingnan oilfield, 300 kilometers southwest of the waters of Shenzhen in South China, has a proven reserve of 102 million tons of oil equivalent, according to the company.

It is the first oil reserve with a water depth of over 300 meters and a well depth of over 3,000 meters found by China's own efforts, as well as the largest, said CNOOC. The maximum depth where the oilfield lies is 532 meters and the maximum well depth reached 4,831 meters.

Testing drilling yields over 1,000 tons of oil and gas on a daily basis, which is a new record in China for a deep-water, deep-reservoir oilfield, the company said.

The Kaipingnan oilfield demonstrated the vast potential of deep-water exploration in the South China Sea, and further consolidated the foundation of China's offshore oil and gas reserve, which is significant toward ensuring the country's energy security, the company said in a press release on Friday.

In recent years, CNOOC made significant discoveries at the Bozhong 26-6 deep-reservoir oilfield in China's Bohai Sea and the Baodao 21-1 gas field in western South China Sea.

Zhou Xinhuai, CEO of CNOOC, said the company's continuous discoveries in the eastern part of the South China Sea forged new growth drivers for the company's offshore oil and gas business, noting the company will continue to pour more efforts in oil and gas exploration in the South China Sea to ramp up energy supply capacity.

China’s foreign trade in Jan-Feb hit record high, up 8.7% y-o-y

China’s securities regulator vows to protect small investors' interests, strengthen market regulation

The 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC), China's top political advisory body, kicked off its second session on Monday, marking the start of the annual two sessions. The second session of the 14th National People's Congress (NPC), the country's top legislature, is set to open on Tuesday.

This year's political gatherings carry extra weight for the Chinese economy, as 2024 will be a crucial year for the realization of the goals and tasks of the 14th Five-Year Plan (2021-25), and the new government is set to submit its Government Work Report to the NPC annual session for deliberation for the first time.

The session usually reviews past achievements and sets development targets for the current year and beyond.

At a time when mainstream Western media outlets are flooded with reports of China grappling with various difficulties - deflation, a property crisis, mounting debt burdens and a foreign capital exodus - the two sessions will serve as a crucial window for the world to observe the country's economic development and understand its policy direction for the year ahead, which Western media outlets said investors are watching closely for signals of a "bazooka-like stimulus." 

It's not unusual to see Western media outlets run bearish reports badmouthing the Chinese economy around the major political event every year. For instance, a report published by the Financial Times on February 27, 2023, was headlined "The implications of China's mid-income trap," while CNN ran an article entitled "China's economy had a surprisingly good start to the year, but it may not last" in March 2022.

Yet, China still accomplished its 2023 GDP growth target despite downward pressure and challenges, and the underlying trends of a rebound in the economy and long-term growth remain unchanged. Such economic fundamentals further prove that the ill-intentioned "China collapse" theory cannot withstand the test of time.

Why have Western predictions about a hard landing for the Chinese economy never come true? The key lies in the inability to understand that China's economic development has its own rhythm and policy direction, which will not be influenced by Western hype. The reason why the two sessions are of great importance to China's economy is not only because of the GDP target issued during the meetings, but also because of the policy direction set for achieving stable economic development in the year ahead.

There is no denying that China's GDP target has been the focus of world attention, which is not surprising given its huge economic size and important implications for the global economy. The Chinese government has always stressed the importance of the quality of economic development, rather than just the growth rate, but GDP, as a major measure of a country's economic strength, is still one of the most important economic metrics in China. 

It is true that China's economic growth has slowed in recent years amid unprecedented and complicated domestic and external market challenges. This is mainly because the economy is undergoing a period of adjustment and transformation. Despite the difficulties and downward pressure, China is still on a solid footing and its GDP growth rate remains relatively fast among the world's major economies. 

If anything, China's consistent economic performance over the years is the best proof that it has the ability to transform its economy while maintaining growth momentum.

During China's two sessions, much attention is often paid to the country's GDP growth target. However, it is crucial to look beyond mere numbers and understand the implications of new policies and measures to be implemented by the Chinese government to address economic challenges. Because the policy direction not only promises positive influence on China's economic prospects, but also presents opportunities in the country's future development.

The Chinese economy is resilient, has huge potential and vitality and its growth momentum will continue to strengthen and lead to a bright future, according to a spokesperson for the Second Session of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC).

Economic issues have been a focal point for political advisors ahead of the gathering, and it is the opinion of all political advisors that in 2023 the Chinese economy withstood the external pressure and overcome internal difficulties, and the economy has been on a general recovery track, according to Liu Jieyi, spokesperson for the second session of the 14th CPPCC National Committee.

There is a good foundation and favorable conditions for promoting high-quality development and the long-term positive economic trend will continue to be consolidated and strengthened, Liu said, responding to a question about the current status of the Chinese economy.

Solid progress has been made in achieving major social and economic growth targets, high-quality development and Chinese way of modernization in 2023, Liu said.

The CPPCC held quarterly seminars on the country's macroeconomic situation and in-depth consultations on the stable operation of the overall economy, with topics ranging from fiscal, monetary, employment and headline economic policies, and provide suggestions and strategies to stabilize market expectations and boost investor confidence, according to Liu.

Biweekly consultations meetings were held on fostering the high-quality development across the financial sector and promote the stable and sound development of the property sector and field trips were made to promote the high-quality development of the private economy, strengthen the digital transformation of small and medium-sized enterprises, and improve the resilience and safety level of the industrial and supply chains.

The CPPCC also arranged study trips to small and medium-sized banks to help tackle the risks of smaller financial institutions and provide advice on implementing the task mapped by during the Central Economic Work Conference held in December.

Its suggestions on fostering new-quality productive forces were highly valued and in many cases adopted by relevant government departments, Liu said.

The second session of the 14th National Committee of the CPPCC will begin on March 4.

China's economy grew 5.2 percent year-on-year in 2023, finishing above last year's official GDP target of around 5 percent, and underscoring the resilience and potential of the Chinese economy in the post-COVID-19 era.

Escalating US trade protectionism, and its behavior of politicizing economic issues and erecting more trade barriers to affect fair competition, will only harm the development of its own auto industry in the long run, He Yadong, a spokesperson of China's Ministry of Commerce (MOFCOM), said on Thursday.

Chinese cars are popular in the global market because of their innovative features and high quality rather than alleged low-price dumping, He said, responding to a question over media reports saying that the Alliance for American Manufacturing had asked the US government to block the import of low-cost Chinese automobiles and auto parts from Mexico.

In addition, a Reuters report said on Wednesday that Republican US Senator Josh Hawley has introduced legislation to hike tariffs on Chinese vehicle imports amid so-called concerns about the potential competitive impact on American car companies.

In recent years, the US side has erected barriers to thwart Chinese car imports, like levying additional tariffs, excluding Chinese car brands from US government procurement and implementing discriminatory subsidy policies, He said.

While the US erects barriers to hinder Chinese carmakers, China is always open to carmakers from across the world, He said. 

US carmakers have fully enjoyed the dividends of China's huge market, with the sales volume of American brands far outpacing Chinese brands in the US. Protectionism by the US will only hinder its own auto industry's development in the long run, He said.

The MOFCOM spokesperson urged the US to respect the rules of the market economy and the principle of fair competition while correcting its non-market practices in order to build a fair environment for the long-term development of the auto industry.

The EU has also stepped up trade protectionism against Chinese automobiles, and recently, the EU's antitrust regulator launched an investigation into Chinese trainmaker CRRC Qingdao Sifang Locomotive, a subsidiary of CRRC Corp, the world's biggest producer of rolling stock.

Cui Dongshu, secretary-general of the China Passenger Car Association, told the Global Times that the protectionist moves of the US and EU violate the WTO principle of fairness, and robust exports of Chinese new-energy vehicles (NEVs) reflect the strong international competitiveness of China's industry chains rather than so-called subsidies.

In China, the subsidy granted to NEVs was completely phased out as of the end of 2022. In order to maintain fair competition, provinces across China were required to stop subsidies for NEVs starting from 2018, and subsequently, national subsidies were phased out in an orderly fashion, Cui said.

Cui is positive about the development of China's NEV sector on the back of its strong innovation capability, complete manufacturing system and strong supply chains.

China's vehicle exports surged 57.9 percent year-on-year to a record of 4.91 million in 2023 as the country's automakers expanded their presence overseas, according to data from the China Association of Automobile Manufacturers.

China-US economic and trade cooperation is a stabilizing force in bilateral relations. The Chinese side is willing to join hands with the US to implement the important consensus reached at the San Francisco meeting between the two heads of state to jointly promote the steady and healthy development of China-US economic and trade relations, Chinese Vice Commerce Minister Wang Shouwen said when meeting with a US Chamber of Commerce delegation led by the chamber's President and CEO Suzanne Clark in Beijing on Tuesday.

China will unswervingly promote high-level opening-up and it is hoped that member companies of the US Chamber of Commerce will continue to be deeply rooted in the Chinese market and achieve win-win development, Wang said.

German auto giant Volkswagen Group has signed an agreement with Xpeng, a Chinese electric vehicle (EV) maker to co-develop new EV models tailored for Chinese market, where broad consumers are embracing clean, environment-friendly cars.

The two parties agreed to commence strategic tech collaboration, bundling their respective strengths to explore the dynamic Chinese market, and will co-develop two intelligent internet-connected vehicles tailored for Chinese consumers, according to a statement sent from Volkswagen Group to the Global Times on Thursday. 

The agreement includes the joint purchase of vehicle equipment and auto parts, in addition to the use of innovative technologies in auto design and engineering.

The first two EV models are scheduled to hit the road in 2026, with one planned to be a sport utility vehicle, Volkswagen said. 

Ralf Brandstätter, a board member of Volkswagen AG for China region, said China is the world's largest and fastest-growing EV market, noting that the partnership with XPeng increases economic competitiveness of vehicle production in a price sensitive market environment.

He Xiaopeng, chairman and CEO of XPeng, said the company will provide Chinese consumers with the best EV products combining Volkswagen's vehicle making and engineering capability and XPeng's smart EV technology. 

In December 2023, Volkswagen completed the acquisition of shares amounting to 4.99 per cent of the total issued and outstanding share capital in XPeng, following the announcement of the partnership in July 2023.

Another Chinese EV maker Nio in December last year signed a pact for an investment of $2.2 billion with Abu Dhabi-based CYVN Holding. And, Dutch automaker Stellantis NV also announced in October 2023 to invest 1.5 billion euros to acquire approximately 20 percent of China's EV start-up Leapmotor, underlining the advantage and competitiveness of China's EV manufacturing.

At the end of 2023, China’s population was 1.4097 billion, a decrease of 2.08 million from the previous year, with urban permanent residents totaling 932.67 million. The annual new births reached 9.02 million, while deaths hit 11.1 million, resulting in a natural growth rate of -1.48‰: official statistics