Dollar to Naira Exchange Rate: Black Market Rates for 23rd August 2024

As of 22nd August 2024, the dollar to naira exchange rate in the Lagos Parallel Market (Black Market) stood at N1605 for buying and N1615 for selling, according to sources from Bureau De Change (BDC). Despite the Central Bank of Nigeria’s (CBN) directive for individuals to use official banking channels for foreign exchange, the black market remains active.

Current Exchange Rates:

  • Black Market:
  • Buying: N1605
  • Selling: N1615
  • CBN Official Rate:
  • Buying: N1591
  • Selling: N1592

It’s important to note that rates may vary depending on location and transaction specifics.

In other developments, the Nigerian Electricity Regulatory Commission (NERC) reported that Togo and Benin owe Nigeria a total of $14.19 million for electricity supplied in the first quarter of 2024. None of the four international bilateral customers made payments during this period, though some payments were made towards settling outstanding invoices from previous quarters.

5 Common Health Issues Caused by Stress and How to Manage Them

Stress is a natural part of life, but when it becomes chronic, it can significantly impact both your physical and mental health. From work pressures to personal challenges, stress can manifest in various ways, leading to serious health problems if not managed properly.

Here are five health issues related to stress and tips on how to address them:

  1. Heart Problems
    Chronic stress can increase your risk of heart disease by raising blood pressure and heart rate. To protect your heart, engage in stress-reducing activities such as regular exercise, deep breathing, meditation, and yoga.
  2. Digestive Issues
    Stress can disrupt your digestive system, causing problems like indigestion, acid reflux, and irritable bowel syndrome (IBS). Combat these issues by eating a balanced diet, avoiding triggers like caffeine and alcohol, and practicing mindful eating.
  3. Immune System Weakness
    High levels of stress hormones like cortisol can weaken your immune system, making you more susceptible to illness. Strengthen your immune system with good nutrition, regular physical activity, and adequate sleep.
  4. Mental Health Issues
    Prolonged stress can lead to anxiety, depression, and burnout. Manage your mental health by recognizing when stress is overwhelming and incorporating stress-relief activities like journaling, spending time in nature, and engaging in hobbies.
  5. Sleep Problems
    Stress often leads to sleep disturbances, which can further exacerbate health issues. Improve your sleep by establishing a relaxing bedtime routine and maintaining a regular sleep schedule.

By addressing these stress-related health issues and implementing effective stress management techniques, you can improve your overall well-being and quality of life.

“Made in China” products enjoy popularity around world

By Li Hongxing, People’s Daily

Many sporting equipment items used during the Paris Olympics just attracted considerable attention. 

For instance, a table tennis table featured a variable lighting system that could be controlled via smart phones or remote devices. Judo mats incorporated smart chips and flexible piezoelectric film technology, allowing real-time collection of data on force, speed, and trajectory of movements. 

Even the soccer balls were smart, capable of recognizing 500 actions per second. It could work in collaboration with limb tracking technology to assist in determining handball or offside violations, effectively improving the accuracy and transparency of refereeing decisions. 

Technology empowering the Olympics vividly showcased the captivating synergy between science and sports.

It is noteworthy that all the above-mentioned products originated from China. The table tennis table was from east China’s Shanghai, the judo mats from east China’s Shandong province, and the soccer ball from east China’s Jiangsu province. “Made in China” and “Created in China” products have not only enhanced the quality of the Olympic Games, but also promoted the sharing of technological achievements worldwide.

Chinese products have always won acclaim worldwide in recent years. In Dubai, the United Arab Emirates, Chinese electric cars are gaining popularity, and a local car dealer attributed this to Chinese vehicles’ high quality and advanced technology. The shield tunneling machine “Zhongtie 1238,” manufactured by China Railway Engineering Equipment Group Co., Ltd., has been exported to Singapore, and more of these “steel giants” are awaiting their chance to “go global.” 

“Made in China” products are welcomed around the world, from chip-embedded soccer balls to shield tunneling machines, regardless of their sizes or industries. This largely indicates that Chinese products bring dividends to global consumers and drive the upgrading of global industries.

Why are “Made in China” products popular around the world? 

The industrial resources accumulated by China and the industrial foundation the country has built over the years are crucial for enhancing the linkage between the domestic and international markets and resources. 

China enjoys a comprehensive modern industrial system comprising 41 large industrial categories, 207 medium ones and 666 small ones, thus it is the only country in the world that has all the industrial categories based on the industrial classification of the UN. 

China is committed to industrial transformation and upgrading. Product variety has increased, with improved technology and higher quality standards. Both the production structure and export structure have become more diversified and of higher quality. 

The advantage of Chinese products in the global market is achieved through production, technology, and competition. It also reflects the rational division of labor and comparative advantages in international trade.

According to statistics, China accounts for over 60 percent of the global production of thermos cups. In Yongkang of east China’s Zhejiang province and its surrounding areas, there is a well-established and efficient supply chain with strong technological support for thermos cup production. With low costs, high efficiency, and good quality, foreign brands are willing to collaborate with enterprises there. 

Nowadays, local enterprises have shifted their focus to comprehensive innovation in manufacturing, design, and technology, aiming to optimize product functionality and explore new market opportunities. 

This exemplifies the resilience and advantages of China’s industrial, supply, and innovation chains. The fact that Chinese products are “going global” demonstrates that China plays a crucial role in the global industrial and supply chains. Whether it is raw material supply, component production, product assembly, or sales, Chinese manufacturing provides stability to the global industry. 

In this sense, China’s production capacity holds the potential for global economic growth, transforming supply chains into “win-win chains” through its connectivity with the world.

The story of globalization is, to a certain extent, expressed through products and written by the supply chain. In this chain, economies need to work together rather than fight alone. In the future, only by relying on technological innovation and pushing for new breakthroughs can the world better transform and upgrade traditional industries, foster the growth of emerging industries, and proactively plan for future industries.

The trend of economic globalization will not change, and China’s door of opening-up will not be closed. The high-quality manufacturing capacity of China will bring more benefits to the world.

PDP Backs Goodluck Jonathan for 2027 Presidential Race, Dismisses Atiku’s Influence

The Peoples Democratic Party (PDP) has expressed strong support for former President Goodluck Jonathan’s potential candidacy in the 2027 presidential race. This endorsement follows the Bauchi State Governor Bala Mohammed’s pledge to withdraw his own presidential ambitions if Jonathan decides to run.

Several northern elites and politicians, dissatisfied with President Bola Tinubu’s administration, have also voiced support for Jonathan’s return to power.

In an interview with Punch, PDP Deputy National Publicity Secretary Ibrahim Abdullahi affirmed the party’s alignment with Governor Mohammed’s stance. Abdullahi emphasized Jonathan’s past experience and his reputation for integrity, contrasting him with the current administration.

Abdullahi stated, “Jonathan’s leadership, marked by his concession and transition process, demonstrates the kind of principled governance Nigeria needs. He has shown he can lead with a listening ear and respect for democratic processes.”

Addressing concerns that PDP’s former presidential candidate, Atiku Abubakar, might oppose this decision, Abdullahi insisted that Atiku does not dictate the party’s direction. He noted that despite Atiku’s significant role within the party, the PDP must consider new candidates if they are deemed more likely to address the nation’s current challenges.

“PDP is a national party with a history of governance. We cannot be guided by one individual’s preferences. Atiku has made his attempts, and it’s time to explore other options if they seem more favorable,” Abdullahi added.

He praised Jonathan’s previous administration for stabilizing the economy and maintaining low inflation, suggesting that his leadership could once again benefit the country.

China: a rising star in global coffee industry

By Gao Qiao, Liu Yaoyang, People’s Daily

China’s coffee industry has experienced significant growth in the past few years, leading to its emergence as a prominent player in the international coffee market.

According to data from the International Coffee Organization, China’s annual coffee consumption has expanded by an average rate of more than 15 percent over the past decade.

Allegra World Coffee Portal, a leading information platform for the global coffee industry, said that China has overtaken the United States as the largest branded coffee shop market in the world after growing a whopping 58 percent in 2023.

Li Hong, vice president of Yunnan Agricultural University in Kunming, southwest China’s Yunnan province, said that the explosive growth of the Chinese coffee industry is manifested in every link of the country’s industrial chain. 

In breeding and cultivation, China is rapidly developing superior domestic coffee varieties while also introducing high-quality foreign strains, to build a solid genetic foundation. Meanwhile, the country is applying modern agricultural technologies to coffee plantations, boosting the yield and quality of Chinese coffee. 

In coffee processing, China considers it important to promote and apply green and low-carbon technologies, striving to mitigate pollution during the early stages of coffee processing. For instance, Yunnan Agricultural University has developed an automatic production line that involves waterless skin removal and low-water degumming, resulting in lower pollution and water consumption.

Currently, new development models that integrate the entire coffee industrial chain are being explored across China, with the emergence of coffee estates being a particularly noteworthy trend.

Xinzhai village in Baoshan city, Yunnan province has employed a “coffee estate+” model, which facilitates coffee estates’ cooperation with village committees, relevant research institutions, cooperatives and farmers. It helps impart new techniques to coffee growers, commercializes new research outcomes, and provides consumers with a one-stop “from seed to cup” experience of local coffee culture. This model not only increases income for coffee growers, but contributes to the vitalization of rural industries.

Li attributed the rapid development of the Chinese coffee industry to the country’s huge domestic market. The shift in the consumption preferences of the young Chinese, their increased consumption ability, and the constant release of new coffee products are all creating new market opportunities.

Besides, China has continuously strengthened its innovation ability in coffee-related technologies, and made rapid progress in variety breeding, boutique coffee production and product innovation, laying a solid foundation for the quick advancement of the Chinese coffee industry, Li said. Coffee enterprises are also bringing forth new sales ideas and improving logistics services to expand their sales channels, he added.

Coffee-related organizations and renowned enterprises around the world are all optimistic about the potential of the Chinese market, and have lifted their input into it. The emerging chain coffee shops in different business forms and the launch of new brands and products have to a large extent promoted the consumption growth and cultural communication of coffee in China.

As international trade is more and more facilitated, a large quantity of raw materials including coffee beans are imported to China through different channels, offering strong support for the development of the coffee industry.

The competitiveness of the Chinese coffee industry is multifaceted. China presents a vast and lucrative market for coffee, with immense growth potential and robust consumer spending power. 

Coffee-growing regions in the country enjoy natural advantages in coffee cultivation, and Yunnan province in particular, is quite a standout in this regard, accounting for 98 percent of the country’s coffee planting area and producing 98 percent of the country’s coffee yield, according to a 2023 report related to the development of coffee industry in Yunnan.

However, the Chinese coffee industry still faces development bottlenecks when compared to traditional coffee powerhouses overseas. For example, most coffee varieties still have to be imported, and there remains a notable gap between China’s coffee production, processing technology and cutting-edge international standards. Besides, the branding and marketing capabilities of Chinese coffee enterprises still need to be improved.

An expert noted that China’s unique consumer groups and consumption market of coffee products have shaped the country’s own coffee culture that is more inclusive with Chinese characteristics. 

China’s coffee market holds enormous potential by tailoring products to diverse regional flavor preferences, developing a wide array of innovative offerings, and introducing more novel crossovers with Chinese styles, the expert added.

Looking ahead, China’s coffee industry should further integrate all segments of its value chain while placing greater emphasis on consumer needs. By expanding the overall market, the industry can gradually achieve high-quality and sustainable development.

Togo and Benin Default on $14 Million Electricity Debt, FG Reports

The Nigerian Electricity Regulatory Commission (NERC) has revealed that Togo and Benin owe Nigeria a total of $14.19 million for electricity supplied in the first quarter of 2024. The debt is spread across four international bilateral customers: Para-SBEE and Transcorp-SBEE in Benin Republic, and Mainstream-NIGELEC and Odukpani-CEET in Togo. These companies failed to pay their respective shares of the invoice, totaling $3.15 million, $4.46 million, $1.21 million, and $5.36 million.

NERC’s report indicates that no payments were received from these foreign companies, and similarly, none of the bilateral customers within Nigeria settled their ₦1.86 million invoice for the same period. While some customers made payments towards past debts, the current trend of non-payment raises concerns. NERC has called for stricter enforcement of market rules to address this payment indiscipline and ensure compliance.

In a related note, it was previously reported that international consumers owed Nigeria approximately $51.26 million for electricity in 2023, with local consumers defaulting on around N7.61 billion. NERC urges immediate action to curb these non-payment issues.

China’s tropical paradise Sanya emerges as hot spot for international tourists

By Zhao Shan, People’s Daily

Sanya, a tropical coastal city in south China’s Hainan province, is a renowned tourist destination. Recently, the city has seen a continuous rise in inbound tourism thanks to its unique natural environment and rich cultural resources.

“I love exploring Sanya’s night markets. There are different kinds of amazing dishes like ching bo leung, which is a cool and refreshing sweet soup served as dessert, shrimp cakes, stir-fried ice cream, as well as fruits,” said Italian tourist Tarantella.

A French travel blogger said, “Fruit is very cheap here. I bought five boxes of fruits for 20 yuan ($2.79). In France, this would cost at least 100 yuan.”

In mid-July, over 1,000 tourists from Singapore, Malaysia, Indonesia, India, Vietnam, and Thailand visited Sanya, marking the largest inbound tour group that Hainan has received in recent years.

According to the Sanya Tourism Board, the city welcomed 319,800 overnight inbound visitors in the first six months of 2024, a 264.98 percent increase year on year. Overnight visitor numbers from Vietnam, Mongolia, Thailand, and Singapore have surpassed the same period in 2019.  Such a significant increase in international visitors has boosted the city’s global profile.

Sanya’s tropical coastal resources, Traditional Chinese Medicine (TCM) wellness offerings, and ethnic cultural attractions have long been popular in the Russian tourism market. 

Ramala, a Russian tourist, came to Sanya with her two daughters and sought treatment at Sanya Hospital of Traditional Chinese Medicine, known for its expertise in TCM. Their local pains and other symptoms were relieved after the treatment.

In 2002, Sanya Hospital of Traditional Chinese Medicine pioneered a “TCM wellness tourism” program, establishing the market-oriented platform of Sanya International Friendship Sanatorium of Traditional Chinese Medicine. The facility launched TCM cultural experience routes, attracting over 100,000 inbound tourists.

Leveraging its coastal and rainforest resources, Sanya has developed “tourism + sports” products that combine leisure, sightseeing, and golf. The city is also focusing on marine-themed educational programs, including island exploration and marine technology discovery, to better meet the summer vacation needs of family tourists. 

To strengthen international cooperation, Sanya has invited Southeast Asian travel agents to experience its scenic spots, high-end hotels, local cuisine, and intangible cultural heritage, building bridges for international cooperation and exchanges. 

To promote inbound tourism, Sanya continues to expand its international “circle of friends,” enriching its tourism offerings and improving services for international tourists.

Besides, Sanya has implemented multiple measures to improve the tourism consumption environment and provide more convenience for international tourists. 

This year, China’s visa-free policy was upgraded to boost inbound tourism. From February 9, visitors from 59 countries are allowed to enter Hainan visa-free for purposes including business, a tourist visit, visiting a relative, medical treatment, an exhibition or sports, and can stay in Hainan for up to 30 days. Starting from July 30, foreign tourist groups from Hong Kong and Macao SARs can enter and stay for 144 hours in Hainan province without visas.

Sanya Phoenix International Airport now offers more convenient customs procedures for inbound tourists. High-end hotels in Sanya provide menus in multiple languages, including Russian and English, while scenic spots have updated their multilingual signage systems. The government service center’s 12345 hotline operates 24/7, offering services in English, Korean, Russian, and Japanese, enhancing tourism services for international guests.

In addition, Hainan province has launched the “Hainan Trust Pay” app to provide quality and efficient consumption experiences for foreign tourists.

Since July 2023, Sanya has launched a total of 16 international routes. Its international flight network now covers 14 cities and regions, including Seoul, Jakarta, Hanoi, Almaty, Astana, Busan, Bangkok, Phnom Penh, Singapore, Ulaanbaatar, Moscow, Krasnoyarsk, and London. In the first six months of 2024, international and regional flights recorded a total of 1,777 takeoffs and landings, with a passenger throughput of 248,000.

Step-by-Step Guide to Modifying Your NIN Details from Home

To make updating your National Identification Number (NIN) details more convenient, the National Identity Management Commission (NIMC) has introduced a new method allowing you to modify your NIN information directly from your phone. Follow these steps to update your NIN details without visiting an NIMC office:

Eligibility Requirements

  • Phone Number Linked: Ensure that your phone number is linked to your NIN registration.
  • Verification and Fees: Be prepared for verification and possible fees associated with the modification service.

Modification Process

  1. Dial the Short Code
  • On your mobile phone, dial *346#.
  1. Select NIN Modification
  • Choose the “NIN Modification” option from the menu.
  1. Enter NIN
  • Input your 11-digit National Identification Number (NIN).
  1. Verify NIN
  • Confirm that the entered NIN is correct before proceeding.
  1. Select Modification Option
  • Choose the detail you wish to update (e.g., name, date of birth, address).
  1. Enter New Details
  • Provide the new information you want to update.
  1. Confirm Changes
  • Review and confirm that all new details are accurate.
  1. Receive Confirmation Code
  • A confirmation code will be sent to you via SMS.
  1. Confirm Modification
  • Enter the received confirmation code to finalize the update.
  1. Receive Update Confirmation
    • You will receive a confirmation message indicating that your NIN details have been successfully updated.

This process is designed to simplify and expedite the updating of NIN details, reducing the need to visit physical NIMC offices and alleviating congestion at their centers.

China’s autonomous driving technology is popular in global market

By Xu Peiyu, People’s Daily

Chinese autonomous driving technology is gaining international attention, popping up in a wide range of vehicles worldwide, such as street sweepers, massive mining trucks, shuttle buses, and taxi fleets.

The Chinese autonomous driving industry boasts a well-developed industrial chain and advanced technologies. Upon entering the global market, Chinese self-driving solutions can quickly hit the ground in destination countries. 

The rapid development of Chinese domestic automakers has paved the way for autonomous driving companies to expand their global presence. 

On July 31, Chinese autonomous vehicle technology company Pony.ai partnered with Singaporean cab operator ComfortDelGro Corporation to jointly promote the large-scale commercial operation of autonomous driving taxis. So far, the company has established partnerships for autonomous driving technology in South Korea, Luxembourg, Saudi Arabia and the United Arab Emirates (UAE).

On July 3, Chinese smart mobility company WeRide launched its first forward-fitted, mass-produced Level 4 autonomous driving minibus route for passenger operation on public roads in Singapore. Since its founding in 2017, WeRide has obtained autonomous driving licenses in China, the United States, the UAE, and Singapore, expanding its business into 30 cities in 7 countries around the world.

In recent years, Chinese autonomous driving companies have made steady progress in the global market. However, because operational settings vary from one country to another, they need to create partnerships and adopt different strategies that conform to specific local conditions.

Some of them focus more on technological exports, while some consider the application of technologies more important.

In March this year, Pony.ai signed a memorandum of understanding with the government of the Grand Duchy of Luxembourg, planning to set up a regional research center in the country that develops frontier autonomous driving technologies and provides customized autonomous driving solutions to the European market and users.

WeRide has started commercial operation of its robotaxis on public roads in Abu Dhabi, in collaboration with local mobility platforms. Since launching its robotaxi services three years ago, the company has fulfilled more than 20,000 orders in the UAE, and is now looking to broaden its area of operation.

Besides, some Chinese autonomous driving companies sign cooperation agreements with local governments, and some have set up joint ventures with local enterprises or organizations. For instance, in October 2023, Pony.ai announced a plan to establish a joint venture with Saudi Arabia’s futuristic city NEOM to provide self-driving solutions for the region.

“Our collaboration models take various forms. Sometimes we send out our technology abroad, while at other times we distribute our products. This includes deploying self-driving taxi fleets and services overseas, and providing customized autonomous driving solutions for local markets and users,” said an executive with Pony.ai.

“We always maintain a high degree of flexibility and adaptability. The key is to align with local policies, market stages, and partner needs,” the executive added.

What makes China’s self-driving technologies so popular in foreign markets?

Firstly, China has a well-developed autonomous driving industrial chain, which allows for rapid application in different countries. Secondly, there is a growing demand in the global market, particularly in countries that are keen on developing autonomous driving technologies and have a significant requirement for autonomous vehicles in their public transportation sector. As a leading country in self-driving technology, China enjoys a large growth potential in the global market.

Moreover, there are broader application scenarios overseas, with promising market prospects. 

For instance, in Singapore, WeRide has partnered with a local sanitation and waste management company to conduct safety tests for its first batch of autonomous sanitation vehicles, which are expected to be put into operation by the end of this year. 

In Australia, Chinese autonomous haulage solution company EACON has established a strategic partnership with a local mining contractor to provide unmanned solutions for mining trucks, aiming to reduce the high costs associated with human labor.

Some Chinese companies have conducted data-driven adaptive training and testing for different markets in the world, which is a crucial step for localized operations of self-driving technologies. 

For example, to cope with the high temperatures in the UAE, WeRide has designed an all-round thermal management system for its onboard computing platform. Besides, in response to the corrosion threat posed by the salty and humid sea breeze in Abu Dhabi, it has developed a sensor cleaning system to ensure the stable operation of its self-driving vehicle fleets.

In recent years, China’s autonomous driving industry has experienced rapid development and provided valuable insights for other countries and regions. 

It is reported that the United Arab Emirates is currently in the “driver present” stage of self-driving testing and operations. The local government has drawn inspiration from China’s policies and systems and is actively exploring the commercialization of autonomous driving technology.

China upholds win-win cooperation, promotes economic globalization

By He Yin, People’s Daily

In the era of economic globalization, what is needed is not gaps of division but bridges of communication, not iron curtains of confrontation but highways of cooperation. 

In today’s world of turmoil and transformation, mounting unilateralism, protectionism and bullying as well as backlash against globalization have added to risks and uncertainties to the global development. Countries need to enhance their ability to cooperate and achieve win-win outcomes, and stay on the right path of seeking solidarity and cooperation.

The principle of win-win cooperation underscores the imperative to actively pursue converging interests, leverage respective strengths, carry out mutually beneficial cooperation and enable each other’s success. As the world’s second-largest economy and the largest developing country, China always sticks to a development path that is peaceful, open, cooperative and inclusive.

On June 28, Chinese President Xi Jinping delivered an important speech at the Conference Marking the 70th Anniversary of the Five Principles of Peaceful Coexistence in Beijing. He noted,  “China has been advocating a universally beneficial and inclusive economic globalization, promoting high-quality Belt and Road cooperation, and endeavoring to deliver on the Global Development Initiative (GDI). Our goal is to benefit all with the opportunity of development, to diversify development paths, to help all nations share development fruits, to encourage common development and prosperity for all countries in the global village, and to turn win-win into a solid consensus.”

Opening up is the defining feature of Chinese modernization. China remains committed to promoting reform through opening up, enhancing its capacity for opening up while expanding cooperation with other countries, and sharing development opportunities and dividends with the world.

China pursues high-level institutional opening up and maintains a management system of pre-establishment national treatment plus a negative list for foreign investment. It works to remove all restrictions on foreign investment access in the manufacturing sector and strengthen the protection of intellectual property rights. China’s global ranking for its business environment has risen to 31st place in the latest ranking from 96th. 

China leads the world in total volume of trade in goods, and it is a major destination for global investment. According to China’s General Administration of Customs, the country’s goods trade volume expanded by 6.2 percent year-on-year to reach 24.83 trillion yuan ($3.46 trillion) in the first seven months of this year. It was a result of China’s efforts to further expand high-level opening-up, and also brought new opportunities to countries around the world.

China firmly opposes all forms of unilateralism and protectionism, continuously promotes trade and investment liberalization and facilitation, focuses on resolving structural challenges that hinder the healthy development of the global economy, and maintains the stability and smooth flows of the global industrial and supply chains.

Facts have proved that unilateralism and protectionism win no support, and win-win cooperation is the common choice of the vast majority of countries.

On March 27, Xi met with Prime Minister of the Netherlands Mark Rutte in Beijing, during which he stressed that economic globalization may encounter headwinds, but the historical trend will not change. There is no way out for “decoupling and breaking the chain,” and opening-up and cooperation are the only choice. Rutte said that “decoupling and breaking the chain” is not a policy choice of the Dutch government, since any act undermining China’s development interests will only boomerang.

On April 16, Xi met with German Chancellor Olaf Scholz in Beijing, during which he said that China’s export of electric vehicles, lithium batteries and photovoltaic products has not only enriched global supply and eased global inflationary pressure, but also made important contribution to the global response to climate change and the green and low-carbon transition. Scholz said that Germany opposes protectionism and supports free trade.

From May 8 to 10, Xi paid a state visit to Hungary, during which he held talks with Hungary Prime Minister Viktor Orban in Budapest. Orban said during his talks with Xi that his country does not identify with the rhetoric of so-called “overcapacity” or “de-risking.” Hungary is willing to strengthen multilateral communication and cooperation with China and will not be disturbed by any force.

Just as China has reached its current position and integrated into the world through reform and opening up, it will undoubtedly march forward and benefit the globe by deepening reform across the board. 

The third plenary session of the 20th Central Committee of the Communist Party of China has outlined a grand blueprint for further deepening reform across the board to advance Chinese modernization, emphasizing the importance to improve high-level institutions and mechanisms for opening up to the outside world.

In the future, China will steadily expand institutional opening up, deepen the foreign trade structural reform, further reform the management systems for inward and outward investment, improve planning for regional opening up, and refine the mechanisms for high-quality cooperation under the Belt and Road Initiative.

China will safeguard the WTO-centered multilateral trading system, actively participate in the reform of global economic governance, and contribute to the public good in the world.

China will advance the GDI, scale up input in global development cooperation, and help fellow developing countries build capacity for self-generated development. It will work with other developing countries to make the pie of economic globalization bigger and share it fairly, and pursue more adequate and balanced development. It will continue to make economic globalization more open, inclusive, balanced and beneficial to all.

Moving forward, China is ready to be a companion of all countries on the path to modernization, and welcomes them to board the “express train” of Chinese modernization.