Nigeria Times

By Zhong Yin, People’s Daily

Views on the current Chinese economy vary, and here are three perspectives.

China’s economy maintains stable, positive growth momentum.

Recently, the positive signs of China’s economy were particularly evident as many indicators showed marginal improvement. Many economists believe that the Chinese economy has posted stable performance based on a firm footing.

On the demand side: The year-on-year growth rate of the total retail sales of consumer goods in September was 1.1 percentage points higher than the previous month.Fixed-asset investment rose 3.4 percent in the first three quarters of this year, spurred by vibrant capital influx into high-tech industries. Exports outperformed expectations, increasing by 6.2 percent year on year in the first three quarters. As of the end of September, foreign exchange reserves returned to $3.3 trillion.

Investment, consumption, and exports – the three pillars driving growth – demonstrate a coordinated and robust performance. As the second-largest economy in the world, China has achieved steady economic growth, with expanded new drivers, improved economic structure, anda more solid foundation for economic development.

On the supply side: In September, China’s industrial output for enterprises above the designated size rose 5.4 percent yearonyear, and the growth pace was 0.9 percentage points faster from the previous month; the index gauging the country’s service industry output rose 5.1 percent year on year, increasing by 0.5 percentage points from the previous month. The purchasing managers’ index (PMI) for China’s manufacturing sector rose to 49.8 percent, a rise of 0.7 percentage points from the previous month. These marginal improvements in macroeconomic indicators offer direct positive evidence that China’s economy maintains stable, positive growth momentum.

China’s policy measures are conducive to unleashing economic vitality.

On September 26, the Political Bureau of Communist Party of China (CPC) Central Committee held a meeting to analyze and discuss the current economic situation and make plans for future economic work, sending a strong signal for stabilizing economic growth. Social expectations and market confidence are on the rise.

Major national strategic projects and key security infrastructure initiatives are being rapidly implemented and advanced in China, which not only boost current investment growth but drive industrial transformation while laying a stronger foundation for long-term, high-quality development.

Large-scale equipment upgrades and trade-in of consumer goods are also benefiting businesses and consumers alike. These efforts are spurring rapid sales growth for key consumer goods such as automobiles, home appliances, and furnishings, while promoting high-end, intelligent, and green upgrades in related industries.

Besides, China has pursued coordinated reforms in the fiscal, tax, financial, and other major sectors, and rolled out a bundle of pro-housing policies to reverse the downturn and stabilize the real estate sector, bringing about positive changes in the market.

The major reform measures set out in the Third Plenary Session of the 20th Central Committee of the CPC are also being implemented, such as building a unified national market, which will effectively unleash the vitality of the whole Chinese society.

China’s robust macroeconomic regulation and precise counter-cyclical regulation remain essential drivers of its ongoing sound economic growth. Pierre-Olivier Gourinchas, chief economist of the International Monetary Fund, noted that the direction of these policies is correct.

Singaporean Senior Minister Lee Hsien Loong believes that the measures issued by the Chinese government are conducive to lifting confidence and demand, and many Chinese industries have reached world-class standards.

Innovation-driven development continues propelling China’s economic growth.

In the first three quarters, the production and sales of China’s new energy vehicles (NEVs) reached 8.316 million and 8.32 million units respectively, marking year-on-year increases of 31.7 percent and 32.5 percent. China has ranked first globally in terms of NEV production and sales for nine consecutive years. Behind these figures lie the trends that will shape future consumption patterns and offer solid support for long-term economic growth.

A 2022 market survey showed that 84 percent of China’s NEV users are under 40, with about half under 30. AGerman media outlet noted that the average age of electric vehicle buyers in China is 34, compared to 56 in the European Union. This highlights the potential of “developmental consumption” in China.

In today’s China, the emerging and future industries, such as NEVs, autonomous driving technology, smart wearable devices, integrated circuits, low-altitude economy, and virtual reality, are characterized by a focus on technological innovation and green, low-carbon development.

From consensus to concrete action, from investment to consumption, from supply to demand, China’s new development philosophy has served as a guiding force driving deep industrial transformation and upgrading and shifts in development approaches, allowing new quality productive forces and consumer groups to advance in tandem.

The contribution rate of final consumption expenditure to China’s economic growth has risen from 55.4 percent in 2012 to 82.5 percent in 2023. As younger generations become the primary consumer base and high-quality population development aligns with improved living standards, China’s 1.4 billion-plus population is transitioning from “subsistence consumption” to “developmental consumption,” greatly expanding consumer potential and sustaining a strong trend in consumption upgrading.

With the rapid progress in modernizing the industrial system with the real economyas the pillar and the steady advancements in the well-rounded development of people and common prosperity for all, China’s economy is poised to maintain a positive trajectory in the long term.

By Zhang Tie, Zhang Danhua, People’s Daily

In March 1974, local farmers accidentally unearthed fragments of clay figurines while digging a well in Lintong, northwest China’s Shaanxi province, leading to one of the most significant archeological discoveries in the 20th century — the army of Terracotta Warriors.

As a treasure of Chinese civilization, the Terracotta Warriors offer a vivid glimpse into the formidable national power, burial customs and artistic achievements in the era of Emperor Qinshihuang, the first emperor to unify China, during the Qin Dynasty (221 BC-207 BC).

After 50 years of archaeological excavation, the “underground army” has unveiled its true form. It contains about 8,000 figurines of terracotta warriors and horses and 40,000 weapons, which are spread across three pits, covering an area of over 20,000 square meters.

There are also vividly displayedmilitary formationsdating back to over 2,000 years, accompanied by functional areas such as military camps and tents. Besides, the Terracotta Warriors exhibit diverse clothing and hairstyles, and each warrior is unique in appearance.

The discovery and excavation of the Terracotta Warriors have led to a systematic and comprehensive exploration of the Emperor Qinshihuang’s Mausoleum Site Museum (hereinafter referred to as “the museum”), which covers an area of approximately 56 square kilometers. In 1987, the Emperor Qinshihuang Mausoleum and Terracotta Warriorswereincluded in the World Heritage List by UNESCO.

On September 8, 2024, an emergency protection lab was established and put into operation at pit No. 1 of the museum, while an archaeological excavation and protection platform was set up and started operating at pit No. 2.

The emergency protection lab is equipped with an environment control system, specialized lighting, work recording capabilities, a system for collecting information on cultural relics, and devices for lifting and transporting cultural relics.

According to Shen Maosheng, a researcher with the museum, these systems and equipment were implemented for the purpose of excavating, protecting, and displaying cultural relics simultaneously.It is backed by an innovative approach that combines on-site emergency protection, archaeological platforms, specialized equipment, and information technology.

Over the past 50 years, cultural heritage workers have tackled a number of technological challenges, including the protection of excavation sites, the restoration of the pieces of the painted Terracotta Warriors, and using remote sensing and geophysical prospecting to uncover the secrets of the underground palace.

While the Terracotta Warriors on display to the public seem to be tall and intact, upon their initial excavation,they were mostly in a broken state, with each warrior typically consisting of numerous fragments.

“Before they begin their work, repairersoften spend one to three years practicing even a single technique such as adhesive bonding,” said Lan Desheng, a cultural relicsconservation and restoration expert with the museum. Lan said that even a deviation as small as one millimeter in the bottom fragments can hinder them from aligning properly at the top.

In the restoration process, industrial scanners have been utilized to gather surface information of cultural relics, thereby establishing a three-dimensional database; virtual stitching technology has been employed to assemble the fragments in a specific orderbased onthe measurements of geometric similarity. These cutting-edge technologies are instrumental in restoring the Terracotta Warriors to their original appearance and in enhancing efforts related to the protection, restoration design, and digital display.

The Terracotta Warriors exhibit a diverse range of colors. However, without timely protection, the pigments on the figurines can quickly dehydrate, curl, and peel off within minutes of being excavated.

Since the 1980s and 1990s, scientists from home and abroad have collaborated to research and develop techniques for analyzing and preserving the painted colors, with the goal of maintaining this vibrant and colorful underground world.

In May this year, the museumreached an agreement with the Foundation for Cultural Heritage Sciencesin France to collaborate onresearch for protecting wooden remains and earthen archaeological sites. Besides, ithas partnered with research institutions from Germany, Belgium, the United Kingdom (UK), and other countries to enhance dialogue on safeguarding world cultural heritage.So far, it has received over 160 million visits from home and abroad who came to witness the grandeur of the Qin Dynasty.

The Terracotta Warriors have emerged as a global icon, acting as China’s “golden card.” In 1976, two warrior figurines and a clay horse from the site made their debut in Japan, marking the first overseas showcase of the Terracotta Warriors.

An exhibition related to the Terracotta Warriors in the UK from 2007 to 2008 sold out 100,000 tickets, while the exhibition “Terracotta Warriors and Ancient China: Heritage from the Qin and Han Dynasty” in Japan from 2022 to 2023 attracted over 400,000 localvisitors. Each exhibition overseas featuring the Terracotta Warriors has sparked a surge of interest in Chinese culture.

Since its opening, the museum has welcomed more than 230 foreign heads of state and dignitaries. A total of 277 exhibitionshave been held in nearly 200 cities across over 50 countries and regions, attracting a total of 20 million visits. The number of overseas exhibitions and the size of the audience rank among the best in the world.

“Over the past 50 years, the protection, excavation, research, interpretation, inheritance, and utilization of the museumhaveexemplified China’s innovative practices and dedication to staying current in fields such as archaeological exploration, cultural relic restoration, scientific protection, site display, heritage education, and cultural exchanges,” said Li Gang, curator of the museum.

“We are committed to continuing our efforts in sharing the story of the Qinshihuang Mausoleum and the Terracotta Warriors with the world, establishing a model for the protection, inheritance, and promotion of cultural heritage,” Li said.